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Heartland Bank raises final dividend, eyes debt issuance

New Zealand-based Heartland Bank Ltd. declared a higher final dividend and announced plans to issue five-year fixed-rate notes in late August.

The bank declared a final dividend of 5.5 New Zealand cents per share for the fiscal year ended June 30, up from 5 cents per share in the year-ago period. Together with an interim dividend of 3.5 cents per share, the bank will pay a total dividend of 9 cents per share, compared to 8.5 cents per share a year earlier.

The fully imputed final dividend will be paid Sept. 21 to shareholders of record as of Sept. 7.

Meanwhile, the bank said it is considering issuing unsecured notes in late August. It did not disclose the size of the planned unsubordinated note issuance.

Bank of New Zealand, Deutsche Craigs Ltd. and the New Zealand branches of Commonwealth Bank of Australia and Westpac Banking Corp. were appointed as joint lead managers, while Bank of New Zealand served as arranger and organizing participant for the issuance.

As of Aug. 11, US$1 was equivalent to NZ$1.37.