Bank of New Zealand Completes $1.25 Billion Offering

February 21, 2017

S&C client Bank of New Zealand (BNZ), through its wholly owned subsidiary, BNZ International Funding Limited, acting through its London Branch (BNZIF), completed an offering of (i) $500 million principal amount of 2.400% fixed rate notes due February 21, 2021, (ii) $500 million principal amount of 2.900% fixed rate notes due February 21, 2022 and (iii) $250 million principal amount of floating rate notes due February 21, 2020, in each case irrevocably and unconditionally guaranteed by BNZ. These notes were sold under BNZIF's Rule 144A sub-program under the NAB Group's $100 billion global medium term notes program, which allows BNZIF to issue senior medium term notes from time to time in reliance on an exemption from registration pursuant to Rule 144A / Regulation S of the Securities Act.
The S&C team representing BNZ was led by Robert Chu, along with Ram Narayan and Benjamin Fleming. David Spitzer and Alexander Apostolopoulos advised on U.S. taxation matters related to BNZ's Rule 144A sub-program, and Mark Menting and Stephen Lam advised on U.S. bank regulatory issues related to the same.