HBL Subordinated Notes Offer – Offer Closed

21 April 2023


HEARTLAND BANK SUBORDINATED NOTES OFFER - OFFER CLOSED

Following the successful bookbuild process for its offer of unsecured subordinated notes (Notes),
Heartland Bank Limited (Heartland) confirmed today that the offer has closed and NZ$100 million of
Notes have been allocated to participants in the bookbuild process. This includes oversubscriptions of
NZ$25 million.

There was no public pool for the offer. The Issue Margin has been set at 3.20% per annum.

The interest rate for the first 5 years, until the First Optional Redemption Date (28 April 2028), will be
equal to the sum of the Swap Rate plus the Issue Margin, but in any case will be no less than the
minimum interest rate of 7.30% per annum. The interest rate for the first 5 years will be announced via
NZX later today, along with the release of the final terms sheet.

Details of the offer and the Notes are contained in the Limited Disclosure Document dated 11 April 2023
(LDD), which is available on the Disclose Register at https://disclose-register.companiesoffice.govt.nz/
under Heartland’s offer number OFR13495. A copy of the LDD is also available at
www.heartland.co.nz/unsecured-subordinated-notes-offer, or by contacting one of the Joint Lead
Managers to the offer (listed below) or your usual financial advice provider.

For further information, please contact a Joint Lead Manager or your usual financial advice provider.



Arranger and Joint Lead Manager


0800 772 142


Joint Lead Managers



0800 275 269 0800 226 263 0800 367 227



ENDS

The person who authorised this announcement:

Leanne Lazarus
Chief Executive Officer, Heartland Bank Limited

For further information and media enquiries, please contact:

Nicola Foley
Group Head of Communications, Heartland Group Holdings Limited
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand”