ASB chief executive Barbara Chapman at the new ASB headquarters at Wynyard Quarter. Photo / Richard Robinson
ASB Bank wants to raise up to $400 million in a fixed interest offer that it intends to list on the New Zealand share market.
The bank this morning announced details of the subordinated notes which have a 10 year maturity and are subordinated and unsecured.
The company said it
would raise up to $300 million with the ability to accept oversubscriptions of up to $100 million.
The notes are not guaranteed by its parent company Commonwealth Bank of Australia and may be repaid sooner than the 10 year timeframe.
ASB said the notes would be treated as Tier 2 Capital for the bank and in certain circumstances would be exchanged for shares in CBA, which is listed on the ASX.
