The Notes will be mandatorily convertible into ANZ ordinary shares, non-cumulative, perpetual, subordinated and unsecured.
The offer will open on 6 March 2015 and the issue date for the Notes will be 31 March 2015.
The Notes will be part of the ongoing regulatory capital management programme for ANZ and ANZNZ and will constitute Additional Tier 1 capital for both the ANZ Level 2 Group and ANZNZ.
Subject to conditions being met:
- ANZNZ may repay the Notes or convert the Notes into ANZ ordinary shares on the Optional Exchange Date (25 May 2020).
- ANZNZ must convert the Notes into ANZ ordinary shares on the Mandatory Conversion Date (25 May 2022).
The Notes may be repaid or converted into ANZ ordinary shares at other times as well, or they may remain on issue indefinitely. The Notes may also be written off if they are not converted into ANZ ordinary shares in certain circumstances when required.
The Notes are not being offered or sold in Australia.