In this section
New Zealand Post Group Finance Limited
|Issuer||NZ Post Group Finance Limited|
|Issue type||Unsecured, subordinated, redeemable, cumulative debt obligations (Notes).|
50% equity initially and this is to decline over time.
The Notes are guaranteed by New Zealand Post Limited (NZ Post) on an unsecured, subordinated basis. The Crown does not guarantee the Notes or any obligation of the Issuer or Guarantor.
|Maturity||S&P has assigned “intermediate equity content” (50%) to the Notes. The equity content is expected to be reduced to minimal (0%) at the date falling 20 years before the Maturity Date 15 November 2039 (i.e.before 15 November 2019)|
|Early redemption||Yes. In certain circumstances all or some Notes may be redeemed early, including on a Reset Date or on an Interest Payment Date if the Step-up Margin applies|
The Interest Rate to apply for the five years from 15 November 2014 will be set on 17 November 2014 as follows:
If the Remarketing Process is successful and reaches the required threshold to proceed, the higher of (i) the Minimum Interest Rate (which has been set at 6.35% p.a.) and (ii) the five year swap rate on 17 November 2014 plus the Margin which has been set at 2.00% p.a.
If the Remarketing Process is not successful, the five year swap rate on 17 November 2014 plus the current Margin (2.80%) plus the Step-up Percentage (1.00%).
|Amount||$200 million (currently on issue)|
|Opening date||3 October 2014|
|Closing date||12 November 2014|
|Listed||Yes under NZP010|
|Lead manager(s)||ANZ, BNZ, CraigsIP, First NZ, Forsyth Barr|
|Information||NZX announcement & Investment Statement|
NZ Post remarketing of existing bonds
- Swap or NGZS plus a margin means the actual rate will be set at that margin over the relevant maturity swap rate or Government bond rate, usually a couple of days before the issue date. Click here for swap rates and here for Government bond rates.
- The amount on offer is usually allocated to brokers who then accept subscriptions up to their allocations. The lead manager(s) control the allocation of bonds. There can be a public pool which is not allocated and subscriptions under the public pool are made directly to the issuer or lead manager(s).
- Listing on NZDX unless stated otherwise.