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Posts Tagged ‘Heritage’

(PRWEB) May 22, 2012

Heritage Bank today announced the launch of new ASX-listed debt securities, to be known as Heritage Bank Retail Bonds, to raise approximately $ 125 million.

Heritage Bank Retail Bonds are five-year, senior, unsecured bonds which will pay interest at a fixed rate of 7.25% on a quarterly basis. Australia Ratings has assigned a ‘BBB+’ credit rating and ‘Green’ product complexity indicator to Heritage Bank Retail Bonds.

This is the first issue of senior, unsecured bonds to be listed on the ASX by a mutual bank in Australia. Full details of this issue are contained in an Offer Document lodged with the ASX today.

Heritage Bank intends to raise $ 125 million from this offer, with the ability to raise more or less. The offer is being made as part of Heritage Bank’s ongoing liquidity management and funding strategy.

The Retail Bonds issue follows the successful ASX-listed Heritage Notes placement in October 2009, which was three times over-subscribed and raised $ 50 million in subordinated, unsecured debt securities.

Heritage Bank Chairman Mr Brian Carter said the Retail Bonds offered retail investors the opportunity to diversify their portfolio with a simply structured debt instrument that provides a fixed rate yield.

“The Heritage Bank Retail Bonds offer an attractive interest rate backed by the strength and stability of Heritage Bank.

“This offer demonstrates Heritage Bank’s commitment to diversifying its funding sources, its prudent approach to liquidity management and its continued focus on providing investors with high quality products that offer excellent value.

“This transaction continues the high level of innovation and sophistication that Heritage Bank demonstrates in managing its funding mix,” Mr Carter said.

The Offer is now open and comprises:


Member Offer made to Eligible Members of Heritage Bank;
General Offer made members of the general public who are resident in Australia;
Broker Firm Offer made to Australian resident retail or high net worth clients of Syndicate Brokers; and
an Institutional Offer to Institutional Investors.

Institutional investors may participate in the offer by contacting the Joint Lead Managers. Commonwealth Bank has been appointed as Arranger and Joint Lead Manager for the offer. Evans and Partner and UBS have also been appointed as Joint Lead Managers. The bookbuild will be conducted on Thursday 24 May 2012 and will be a volume only bookbuild.

The closing date for the Member Offer and the General Offer is 5.00pm (Queensland time) on 13 June 2012. The Broker Firm Offer is scheduled to close at 10.00am (Queensland time) on 19 June 2012.

The minimum investment in Heritage Bank Retail Bonds is $ 5,000 and thereafter in multiples of $ 1,000.

Further information on the offer is available by calling the Heritage Bank Retail Bonds Information Line on 1300 558 416 (within Australia) or by visiting heritagebankretailbonds.com.au.

About Heritage

Queensland-based Heritage Bank has been meeting its customers financial needs for more than 136 years. Heritage is now Australias largest customer-owned bank, with more than $ 8 billion in assets, 58 branches and 70 mini-branches across southern Queensland, and with offices servicing home loan customers via mortgage brokers right across Australia.

Heritage offers the full suite of banking products including home loans, personal loans, savings accounts, term deposits, credit cards, insurance, financial planning, business banking and foreign exchange. Heritage also offers members access to a network of more than 2900 ATMS around Australia.







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