Ryman launches fixed rate retail bond offer
08/06/2026 08:30 NZST, OFFERP
Ryman Healthcare Limited (Ryman) (NZX: RYM) announced today that it is offering up to NZ$100,000,000 (with the ability to accept up to an additional NZ$50,000,000 of oversubscriptions at Ryman’s discretion) of 6 year fixed rate, secured, unsubordinated bonds (Bonds) maturing on 22 June 2032 to institutional investors and New Zealand retail investors.
The offer (Offer) opens today and is expected to close on 11 June 2026, with the Bonds expected to be issued on 22 June 2026 (Issue Date).
The indicative issue margin range is 1.80% to 1.90% per annum over the swap rate, subject to a minimum interest rate of 5.60% per annum. The actual issue margin may be within, above or below the indicative issue margin range. The issue margin and interest rate will be set on 11 June 2026 following a bookbuild process and will be announced by Ryman via NZX shortly thereafter.
If the Offer is made and the bookbuild is successful, holders of Ryman’s existing quoted bonds with ticker code ‘RYM010’ (RYM010 Bonds) that are held through a custodial account (and who wish to re-invest in the new Bonds) (Custodial RYM010 Bondholders) may be able to exchange all or some of their RYM010 Bonds for an equal number of new Bonds on the Issue Date (on a one-for-one basis at a face value of NZ$1.00) (Exchange Mechanism).
The Exchange Mechanism will only be available to a Custodial RYM010 Bondholder if:
(a) the Custodial RYM010 Bondholder receives an allocation of new Bonds from a participant in the bookbuild for the Offer; and
(b) Ryman and the relevant participant (acting on the authorisation of the Custodial RYM010 Bondholder) have agreed to the exchange.
For the avoidance of doubt, a Custodial RYM010 Bondholder may choose to continue holding RYM010 Bonds rather than participate in the Exchange Mechanism, and the Exchange Mechanism does not restrict:
(a) a Custodial RYM010 Bondholder from seeking to invest in more or less Bonds than the number of RYM010 Bonds beneficially held by the Custodial RYM010 Bondholder; or
(b) any other holder of RYM010 Bonds (that is not a Custodial RYM010 Bondholder) from seeking to invest in the Bonds.
To allow for an orderly settlement and redemption process, trading in all RYM010 Bonds will be suspended from pre-market trading on 12 June 2026 (being the first trading day following the rate set date) to pre-market trading on 23 June 2026 (being the expected date of initial quotation of the Bonds).
Any exchanged RYM010 Bonds purchased by Ryman under the Exchange Mechanism will be cancelled. This will reduce the total amount of RYM010 Bonds outstanding which may impact trading of the RYM010 Bonds on the secondary NZX Debt Market.
Full details of the Offer are contained in the indicative terms sheet, which is attached and available through www.rymanhealthcare.co.nz/investors/bonds or by contacting your usual financial adviser, and must be obtained by investors before they decide to acquire any Bonds.
The Offer is being made pursuant to the Financial Markets Conduct Act 2013, as an offer of debt securities of the same class as the RYM010 Bonds. Ryman has applied for the Bonds to be quoted on the NZX Debt Market, under ticker code RYM020.
Arranger and Joint Lead Manager
ANZ Bank New Zealand Limited
Joint Lead Managers
Craigs Investment Partners Limited
Forsyth Barr Limited
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)