Heartland Bank says it'll repay bonds with a principal value of NZ$104 million on their maturity date in July.
The bonds, listed on the NZX debt market and paying interest of 10.5% per annum, were originally issued by Marac Finance in 2008. Marac merged with CBS Canterbury and Southern Cross Building Society to form Heartland in January 2011. The latest price quoted on NZX has the bonds at NZ$101.871 per NZ$100.
Heartland says it'll repay them on their July 15 maturity date from existing cash resources.
"The Bank has made no decision on undertaking a further bond issue. However, it will continue to monitor opportunities within the debt capital market as part of its regular funding and liquidity management," Heartland says.
Heartland's latest general disclosure statement shows total liquidity of NZ$486 million, including NZ$214 million of cash and cash equivalents, and NZ$210 million of undrawn bank loans from BNZ and Westpac.
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