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KIP 8.95% Mandatory Convertible Notes Offers Close

KIP 8.95% Mandatory Convertible Notes Offers Close

Kiwi Income Property Trust today announced the successful closure of its Offers of 8.95% Mandatory Convertible Notes (MCNs).

The primary offer for $100 million of MCNs was fully subscribed with the entitlement offer raising a further $20 million. A total of 120 million MCNs have been issued raising $120 million. The interest rate on the MCNs is 8.95% per annum, payable quarterly. The first interest payment will be made on 21 December 2009 to the initial subscriber of the securities, irrespective of any transfer of MCNs prior to that date. Subsequent interest payments will be made on 20 March, 20 June, 20 September and 20 December of each year up to and including the date of conversion on 20 December 2014.

Sean Wareing, Chairman of the Manager of the Trust said, “The issue was well supported by new and existing investors. The new MCNs extend the duration of the Trust’s funding base, diversify the sources of funding and provide flexibility for the Trust to consider value added investment opportunities.” The MCNs will be quoted and traded on the NZSX under the NZX code KIPGC from 16 December 2009.

For further information, please refer to the prospectus dated 10 November 2009 or contact the Manager of the Trust.


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