Kiwibank registers LDD for subordinated notes offer

KIWIBANK LIMITED REGISTERS LIMITED DISCLOSURE DOCUMENT FOR AN OFFER OF SUBORDINATED NOTES Kiwibank Limited (Kiwibank) has registered a Limited Disclosure Document (LDD) for its offer of up to $200 million of unsecured subordinated notes (Notes) to New Zealand investors. The Notes will constitute Tier 2 Capital for Kiwibank's regulatory capital requirements. The Notes will have a 10-year term with a maturity date of 12 May 2033, but may be repaid early, if certain conditions are met, on the First Optional Redemption Date (12 May 2028) or on any Scheduled Interest Payment Date after that date. The Notes may also be repaid early on any Scheduled Interest Payment Date if a Tax Event or Regulatory Event occurs. The Notes have an issue credit rating of Baa2 from Moody's Investors Service. The interest rate will be a fixed rate for the first 5 years, and then reset to a new fixed rate for a further 5 years. The offer is expected to open on 2 May 2023 and close on 5 May 2023. The Notes are expected to be issued on 12 May 2023 and quoted on the NZX Debt Market on 15 May 2023. Details of the offer and the Notes are contained in the LDD, which is available on the Disclose Register at www.disclose-register.companiesoffice.govt.nz/ under offer number OFR13513. Copies of the LDD, the investor presentation for the offer and the indicative terms sheet are available at www.kiwibank.co.nz/about-us/governance/investor-centre/kiwibank-capital-instr uments/, or by contacting one of the Joint Lead Managers to the offer (listed below) or your usual financial advice provider. There is no public pool for the Notes. All Notes will be reserved for subscription by clients of the Joint Lead Managers, Primary Market Participants and other approved financial intermediaries. Investors can register their interest by contacting a Joint Lead Manager or their usual financial advice provider. Joint Lead Managers Bank of New Zealand 0800 275 269 Craigs Investment Partners Limited 0800 226 263 Forsyth Barr Limited 0800 367 227 End CA:00410446 For:KWB Type:OFFER Time:2023-04-26 13:56:51