Rabo raises NZ$280 mln through PIE issue at 8.79%

Rabo Capital Securities announced it had raised NZ$280 million through its offer of PIE Capital Securities, issued to boost tier 1 capital. The interest rate for the securities will be 8.7864%, based on a margin of 3.75% over a five year swaps rate of 5.0364%. The rate will be reset on June 18, 2014. Rabo initially planned to raise NZ$200 million, but said on April 30 it would accept over-subscriptions for up to NZ$330 million. ASB Bank is the Arranger to the offer. ASB Bank, ANZ Forsyth Barr Limited are the Joint Lead Managers.