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

 


Successful Bookbuild for Kip’s Fixed Rate Bonds

Successful Bookbuild for Kip’s Fixed Rate Senior Secured Bonds

Kiwi Property Management Limited, in its capacity as manager of Kiwi Income Property Trust (KIP), advises that the bookbuild for its seven-year fixed rate senior secured bonds (Bonds)1 has been well received, and confirms that the whole Offer amount of $100 million plus oversubscriptions of $25 million has been reserved for clients of participants in the bookbuild process who have received firm allocations.

KIP also advises that it has set the Interest Rate for the Bonds at 6.15% per annum.

The Offer opens on Friday 11 July 2014 and closes on Friday 1 August 2014 at 5.00pm. Investors will be paid interest on the Bonds at 6.15% per annum payable semi-annually) from the time their application money is banked. Investors are therefore encouraged to lodge their applications as soon as possible to take advantage of this.

The Bonds are only being offered in New Zealand and will not be offered in any other country or jurisdiction.

To obtain a free copy of KIP’s Simplified Disclosure Prospectus for the Bonds, investors should contact one of the Joint Lead Managers (listed below) or their usual authorised financial adviser. Alternatively the Simplified Disclosure Prospectus can be viewed at kipt.co.nz/investor-information/bonds. There is no public pool for the Offer.

Deutsche Craigs Limited 0800 351 153

Bank of New Zealand 0800 284 017

Forsyth Barr Limited 0800 367 227

1 The Bonds benefit (on an equal ranking basis with other secured creditors, including KIP's bank lenders, hedging providers and any new future secured creditors) from security granted by New Zealand Permanent Trustees Limited (in its capacity as trustee of KIP) and KIP's two property holding subsidiaries (Kiwi Property Holdings Limited and Sylvia Park Business Centre Limited).

The security includes a security interest over all personal property, a charge over real property and an agreement to mortgage in respect of real property, and secures all amounts owing to the applicable secured creditors.

In an insolvency of those security providers, the claims of the senior secured creditors will (by virtue of that security) rank ahead of all other creditors of the relevant security provider other than certain statutorily preferred creditors.

All applicants will need to complete the Application Form that accompanies the Simplified Disclosure Prospectus. Applications will not be accepted until the Opening Date for 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 the Bonds.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news