Heartland Bank Ltd opened an offer today for $75 million of 5-year, unsecured, unsubordinated, fixed-rate notes. The company can also accept oversubscriptions at its discretion.
The company expects them to be quoted on the NZX debt market and to have an issue credit rating of BBB from Fitch Ratings Ltd.
The indicative issue margin range is 1.75-1.9/year. The actual margin will be set on Friday after the bookbuild process, but Heartland said the interest rate wouldn’t be less than 3.5%/year.
The notes should be issued on Friday 12 April and open to trading the following Monday.
Attribution: Company release.