|Indicative market yield (% pa)||N/A|
|Indicative market price (%)||104.80|
|Issuer||Works Finance (NZ)|
|Amount on issue (NZ$m)||200.0|
|Description||Perpetual Preference Shares|
|Assumed maturity date||15 Jun 2018|
|Legal maturity date||Perpetual|
|Coupon type||Reset Quarterly|
|Next coupon reset date||15 Jun 2018|
|Coupon reset at||1 yr swap plus 4.05|
|Election/Conversion date||15 Jun 2016|
|First & future call dates||15 Jun 2012 & on dividend payment dates if stepped up|
|Margin reset date||15 Jun 2017|
|Margin reset||1 yr swap plus 4.05 if not resold|
|Holdings - minimum/increments ($)||3,000/1,000|
|Issue documentation||Click here|
The preference shares are a perpetual instrument and as such have no fixed redemption date and the holder has no rights to require redemption.
Dividends may consist of a combination of cash payments and imputation credits. Dividends may not be paid under certain circumstances and are non cumulative.
On the First Step-up Date (margin reset date), holders will be given the option to either request the Step-up Rate, or a lower rate, or accept the rate determined after a remarketing process.
If the holder requests a higher rate than the rate set in the remarketing process, then the holder will be entitled to require Downer EDI Limited to repurchase or resell their holding. If Downer EDI Limited repurchases the preference shares, it will have the option to redeem in cash or equivalent value of shares in Downer. If the remarketing process is unsuccessful the dividend rate will be set at the Step-up Rate.
Please refer to the investment statement for details of the circumstances in which dividends may not be paid and the remarketing process.
The information contained on this page details certain terms of the bonds extracted from sources that interest.co.nz believes to be accurate and reliable. interest.co.nz accepts no liability for any omissions or errors contained in this information. Any prices and/or yields displayed are indicative only and are subject to change. The information contained on this page must not be construed as a recommendation or advice by interest.co.nz to buy, sell, hold or otherwise deal in the bonds.