Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Offer of Fixed Rate Senior Secured Bonds

1 July 2014

Offer of Fixed Rate Senior Secured Bonds

Kiwi Property Management Limited, in its capacity as manager of Kiwi Income Property Trust (KIP), has today announced an Offer of up to $100 million of seven-year fixed rate senior secured bonds (Bonds), with the ability to accept up to $25 million of oversubscriptions.

Interest is scheduled to be paid semi-annually on the Bonds on 20 February and 20 August each year. The Interest Rate will be set and announced through NZX following a bookbuild on Thursday 10 July 2014. The maturity date for the Bonds is 20 August 2021.

Gavin Parker, Chief Financial Officer, said: “The Offer will benefit KIP by extending the weighted average duration of our funding base and diversifying the sources of our funding. Proceeds of the Offer will be used for general corporate purposes, including the repayment of bank debt.”

The Bonds will be guaranteed by New Zealand Permanent Trustees Limited (as trustee of KIP (Trustee)) and KIP’s two property holding subsidiaries, Kiwi Property Holdings Limited and Sylvia Park Business Centre Limited (together, the Guarantors) on a joint and several basis and will benefit from security granted by the Guarantors over all of their assets. The security will be held for the benefit of Bond Holders, KIP’s Bank Lenders, Hedging Providers and any new future secured creditors on an equal ranking basis.

The Offer is expected to open on Friday 11 July 2014 and close on Friday 1 August 2014 at 5.00pm and is being made in New Zealand only and in no other country or jurisdiction. There is no public pool so interested investors should contact one of the Joint Lead Managers (listed below) or their usual authorised financial adviser to request a free copy of the Simplified Disclosure Prospectus for the Bonds. Alternatively the Simplified Disclosure Prospectus can be viewed online at kipt.co.nz/investor-information/bonds.

• Deutsche Craigs Limited 0800 351 153
• Bank of New Zealand 09 375 1391
• Forsyth Barr Limited 0800 367 227

All applicants will need to complete the Application Form that accompanies the Simplified Disclosure Prospectus. Applications will not be accepted until the Opening Date of the Offer. The minimum application is a Principal Amount of $5,000 and in multiples of $1,000 thereafter. Applicants should read the whole of the Simplified Disclosure Prospectus before deciding whether to apply for Bonds.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news