Heartland Bank Ltd has closed its 5-year notes offer heavily oversubscribed and it’s accepted the maximum $50 million of oversubscriptions on top of the $100 million sought from institutional & New Zealand retail investors. There’s no public pool.
The company closed the bookbuild for the 5-year unsecured, unsubordinated, medium-term, fixed-rate notes today and set the interest rate at 4.5%/year, a 1.88%/year margin over the underlying 5-year swap rate.
The notes will be issued on 21 September and will mature on 21 September 2022. Heartland said they were expected to have a credit rating of BBB from Fitch Ratings.
Attribution: Company release.