Summarised details of the offers are below:
Issuer: New Zealand Refining Company Limited
Description: Unsecured, subordinated notes.
Maturity Date: 1 March 2034
Size: Up to $75,000,000
Interest Rate: The initial interest rate will be set as the sum of the swap rate
(for the period from the issue date to 1 March 2024) plus the
issue margin, subject to a minimum interest rate of 5.10% p.a.
The indicative issue margin has been set at 2.50% to 2.80% p.a.
The Subordinated Notes will pay a fixed rate of interest until the
first Election Date. The Interest Rate may change following an
Election Date to a new rate as notified in an Election Process Notice.
Interest Payments: Subject to the below, semi-annually in arrear on 1 March and
1 September each year (or if that day is not a Business Day, the next
Business Day) until and including the Maturity Date, with the First
Interest Payment Date being 1 March 2019. The first (short) interest
payment will be made to the initial subscriber.
Early bird interest: Early bird interest will be paid on application money received in
respect of accepted applications. It will not be paid if application
monies are returned to you for any reason. It will be paid as soon
as practicable, and, in any event, within five Business Days of the
Quotation: Application has been made to NZX for permission to quote
the Subordinated Notes on the NZX Debt Market and all the
requirements of NZX relating to that quotation that can be complied
with on or before the date of distribution of this PDS have been duly
NZX ticker code: NZR010 has been reserved for the Subordinated Notes.
Credit rating: No credit rating
Brokerage: No brokerage payable by investors.
Minimum Application:$5,000 and in multiples of $1,000 thereafter.
Bookbuild: 29 November 2018.
Opening Date: 30 November 2018.
Closing Date: 12 December 2018.
Election Date: 5 years (1 March 2024) and 10 years (1 March 2029) from the
First Interest Payment Date.
Issue Date: 14 December 2018.
Quotation: 17 December 2018.
If you wish to bid through us, you must read the Product Disclosure Statement and please advise your firm interest by no later than 5.00 PM Wednesday, 28th November 2018.
PRODUCT DISCLOSURE STATEMENT