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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news