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Bond Offer: Vector Ltd, 6 year unsecured unsubordinated fixed-rate

Vector Limited has announced an offer of up to NZ$200 million (with the ability to accept up to NZ$50 million in oversubscriptions), of 6 year, unsecured, unsubordinated, fixed rate bonds maturing on 27 May 2025 to institutional investors and New Zealand retail investors.

Please note that you MUST read the Term Sheet & Product Disclosure Statement before deciding to invest.

Summarised details of the bond offer are below:

Issuer:                         Vector Limited.

Description:                Unsecured, unsubordinated fixed rate bonds.

Maturity Date:             27 May 2025.

Issue Amount:            Up to $200 million of Bonds (with the ability to accept oversubscriptions of up to an additional $50 million at Vector’s discretion). The offer is not underwritten.

Interest Rate:               The Bonds will pay a fixed rate of interest from the Issue Date until the Maturity Date. The Interest Rate will be no lower than a minimum Interest Rate. This minimum Interest Rate and the indicative Issue Margin will be determined by Vector in conjunction with the Joint Lead Managers and announced via NZX on 10 May 2019.
The Interest Rate will be set on the Rate Set Date (16 May 2019) and will be the greater of: the minimum Interest Rate; and the sum of the Swap Rate on the Rate Set Date and the Issue Margin.

Issue Price:                  $1.00 per bond.

Listing:                          Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market.  However, the Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in the PDS or this communication.  NZX is a licensed market operator, and the NZX Debt Market is a licensed market under the Financial Markets Conduct Act 2013. NZX Ticker code VCT090 has been reserved for the Bonds.

Credit rating:                 BBB

Brokerage:                     No Brokerage.

Minimum Application:  $5,000 and in multiples of $1,000 thereafter.


Important Dates 

Opening Date:               13 May 2019

Closing Date:                16 May 2019

Rate Set Date:               16 May 2019

Issue & Allotment:        27 May 2019

Quotation                       28 April 2019


If you wish to bid through us, you must read the Term Sheet and please advise your firm interest by no later than 5.00 P.M. Wednesday, 15th May 2019.

There is no application for this offer, so FIRM INTEREST must be emailed to Equity Investment Advisers. Reminder that NO brokerage is payable on this offer.

Please note that you MUST read the Term Sheet & Product Disclosure Statement before deciding to invest.


Term Sheet & Product Disclosure Statement


We strongly recommend you discuss with your adviser at Equity Investment Advisers Ltd to ensure you understand the terms and conditions.

If this offer is of interest to you please register your interest  below so that we can contact you

Expression of Interest click here

Registering your interest does not have any obligation to purchase these bonds. No money is sought at this point.

Please note the allocation may be scaled depending on availability.