Kiwibank sets dividend rate for shares

Kiwibank's $150 million preference share issue is set to pay investors an initial dividend of 8.15%.

The shares, issed by a related company called Kiwi Capital Securities, closed fully subscribed at the end of last week.

The dividend payments will be made up of a cash payment and, to the extent available, imputation credits attached to the cash payment.  The cash payment will be a proportion of the dividend rate.

The money raised will be used to provide tier 1 capital to Kiwibank.

ANZ National Bank acted as Arranger for the offer.  The Joint Lead Managers for the offer were ANZ National Bank Limited and Kiwibank Limited and the Co-Managers were Craigs Investment Partners Limited and Forsyth Barr Limited.

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