Vector Limited (Vector) (NZX: VCT) is considering making an offer of up to NZ$200 million (with the ability to accept up to an additional NZ$100 million in oversubscriptions at Vector’s discretion) of 6 year, unsecured, unsubordinated, fixed rate bonds (Bonds) to institutional investors and New Zealand retail investors.

It is expected that full details of the offer will be released in the week commencing 15 November 2021 once a final decision has been made.  The offer is expected to open at the same time.

Vector has a corporate credit rating from S&P Global Ratings of BBB (stable outlook). The Bonds are expected to be assigned an issue credit rating of BBB.

Vector has appointed ANZ Bank New Zealand Limited, Craigs Investment Partners Limited, Forsyth Barr Limited and Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) as Joint Lead Managers in relation to the proposed Bond offer.

There is not expected to be any public pool for the offer, with all of the Bonds expected to be reserved for clients of the Joint Lead Managers, NZX Participants and other approved financial intermediaries.

Investors can register their interest by contacting a Joint Lead Manager (listed below) or their usual financial advice provider. Indications of interest will not constitute an obligation or commitment of any kind.

No money is currently being sought and applications for the Bonds cannot currently be made. If Vector offers the Bonds, the offer will be made in accordance with the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as Vector’s existing quoted debt securities (maturing on 27 May 2025 with an interest rate of 3.45%) which are currently quoted on the NZX Debt Market under the ticker code VCT090. The Bonds are expected to be quoted on the NZX Debt Market.

Joint Leader Managers:

ENDS