Kiwi plans NZ$100 million offering of notes to invest in convertibles

By Marisa Wong

Madison, Wis., April 28 - Kiwi Capital Funding Ltd. said it is considering a public offering of up to NZ$100 million of subordinated capital notes.

Proceeds will be used to invest in convertible subordinated bonds to be issued by affiliate Kiwibank Ltd., which will help Kiwibank meet its regulatory capital requirements under the Reserve Bank's Basel III framework.

The capital notes will not be guaranteed by Kiwibank or its parent company, New Zealand Post, or any other person.

Deutsche Craigs Ltd. and Forsyth Barr Ltd. are the joint lead managers.

The company expects to conduct the offer in the week beginning on May 5.

State-owned New Zealand Post provides banking services through its post offices and outlets throughout New Zealand. Kiwibank is also owned by the New Zealand government. The companies have headquarters in Wellington, New Zealand.

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