The initial distribution rate for the PPS has been set at 7.30% per annum. This equals the margin of 3.00% plus the 6-year swap rate. This distribution rate will apply for the first 6 years until the first optional redemption date 14 June 2029.
After the first optional redemption date, the distribution rate will change to a floating rate that resets at quarterly intervals, which will be equal to the sum of the applicable 3 month bank bill rate plus the same margin.
The PPS are expected to be issued on 14 June 2023 and quoted on the NZX Debt Market on 15 June 2023 under the ticker code BNZHA.
Copies of the Limited Disclosure Document (LDD), the final terms sheet, and the terms of the PPS are available at the links below.
Details of the offer and the PPS are contained in the LDD, available on the online Disclose Register maintained by the Companies Office. Search for offer number OFR13514.
Please contact your financial advice provider for further information.