Refining NZ sets initial interest rate for subordinated not

29 November 2018

Refining NZ sets initial interest rate for subordinated note offer

The New Zealand Refining Company Limited ("Refining NZ") announces that, following a
successful bookbuild for its offer of unsecured, subordinated notes ("Subordinated Notes"), $75
million of Subordinated Notes have been allocated to participants in the bookbuild process under
the offer ("the Offer").

The initial interest rate to apply to the Subordinated Notes for the period from the issue date until
the first election date (1 March 2024) has been set at 5.10% per annum, being the minimum
interest rate.

The Subordinated Notes are expected to be quoted on the NZX Debt Market under the ticker
code NZR010.

The Offer is expected to open on Friday, 30 November 2018 and to close on Wednesday, 12
December 2018 at 5pm (New Zealand time).

As announced previously, there is no public pool available for the Offer, with all of the
Subordinated Notes under the Offer being reserved for clients of the joint lead managers, and
other approved financial intermediaries.

Early bird interest will be paid at the interest rate in respect of accepted applications. Investors
are therefore encouraged to lodge their applications as soon as possible to take advantage of
this.

Further details of the Offer are contained in the PDS for the Subordinated Notes. The PDS is
available at https://www.refiningnz.com/investor-centre/notes/ or by contacting a joint lead
manager, and must be obtained by investors before they decide to acquire any Subordinated
Notes.

For further information please contact:

Arranger and Joint Lead Manager

First NZ Capital Securities Limited



Phone: 0800 005 678

Joint Lead Managers

ANZ Bank New Zealand Limited Bank of New Zealand


Phone: 0800 269 476 Phone: 0800 284 017




Forsyth Barr Limited





Phone: 0800 367 227




Refining NZ
Denise Jensen
Chief Financial Officer / Company Secretary
T: +64 9 432 8311
E: corporate@refiningnz.com