HBL Subordinated Notes Interest Rate Set

Friday 21st April 2023

Heartland Bank Limited (Heartland) has set the interest rate for the first 5 years (until the First Optional Redemption Date (28 April 2028)) of its NZ$100 million unsecured subordinated notes (Notes) issue at 7.51% per annum. This equals the Issue Margin (3.20% per annum) plus the Swap Rate.

From the First Optional Redemption Date, the interest rate will change to a floating rate that resets at quarterly intervals, which will be equal to the Issue Margin plus the applicable 3 Month Bank Bill Rate.

The Notes are expected to be quoted on the NZX Debt Market under the ticker code HBL1T2 on 1 May 2023. The Issue Date is 28 April 2023.

A copy of the terms sheet (updated for the final interest rate set out above) will be released via NZX shortly.

Details of the offer and the Notes are contained in the Limited Disclosure Document dated 11 April 2023 (LDD), which is available on the Disclose Register at https://disclose-register.companiesoffice.govt.nz/ under Heartland’s offer number OFR13495. A copy of the LDD is also available at www.heartland.co.nz/unsecured-subordinated-notes-offer, or by contacting one of the Joint Lead Managers to the offer (listed below) or your usual financial advice provider.

For further information, please contact a Joint Lead Manager or your usual financial advice provider.

Arranger and Joint Lead Manager: Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch): 0800 772 142

Joint Lead Managers:

Bank of New Zealand (contact 0800 275 269), Craigs Investment Partners Limited (contact 0800 226 263) and Forsyth Barr Limited (contact 0800 367 227)

ENDS

HBL Subordinated Notes - Interest Rate Set

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