Issue 81

Indicative market yield (% pa) N/A
Indicative market price (%) 8900.00

Issuer Nufarm Finance NZ (A$)
Amount on issue (NZ$m) 251.0
Issuer type Corporate
Description Convertible Bond
Security ranking Subordinated
Assumed maturity date 07 Apr 2018
Legal maturity date Perpetual
Credit rating BB
Current coupon 5.89
Coupon type Floating Semi annual
Next coupon reset date 07 Apr 2018
Coupon reset at 6m A$ BBSW plus 3.90
Election/Conversion date 07 Apr 2018
First & future call dates 27 May 2014 & on dividend payment dates if stepped up
Margin reset date 24 Nov 2016
Margin reset 6m A$ BBSW plus 3.90 if not resold
NZX Code NFFHA
Holdings - minimum/increments ($) 5,000/1,000
Issue documentation Click here

Notes

Please note that the Redeemable Convertible Preference Shares are denominated in Australian dollars and pay returns in Australian dollars. The coupon base, 6 month BBSW, is the 6 month Australian bank bill rate.

The current coupon of 8.533% is comprised of a rate of 6.61% from 17 Oct 2011 to 24 Oct 2011 and 8.61% from 24 Oct 2011 to 16 Apr 2012.

The Redeemable Convertible Preference Shares are a perpetual instrument and as such have no fixed redemption date and the holder has no rights to require redemption.

The Redeemable Convertible Preference Shares pay semi-annual, floating rate, non-cumulative Distribution Payments. Non-cumulative means that if a Distribution Payment is not paid, it does not accumulate and may never be paid.The Issuer and Nufarm have a discretion to not pay the Distribution Payments and if that discretion is exercised, there are consequences to both the Issuer and Nufarm.

Re-marketing Process: The Issuer may initiate a Re-marketing Process prior to a Step-up Date (Election date). 

The Re-marketing Process Invitation will notify Holders that the issuer would like to change all or some of the following Terms of Issue with effect from the Step-up Date:
• the Market Rate;
• the Step-up Percentage;
• the Exchange Discount;
• the frequency and timing of Distribution Periods andDistribution Payment Dates;
• the timing of the next Step-up Date

As a result of the Re-marketing Process, a new coupon margin may apply from the Step-up Date. If a new coupon margin is not set, the coupon margin on any Redeemable Convertible Preference Shares that are not Redeemed or Exchanged by the Issuer will be increased to the Step-up Margin (margin reset).

Please refer to the investment statment for further details on the Re-marketing Process and under what circumstances Redeemable Convertible Preference Shareswill be redeeemed or converted into ordinary shares.

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.