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

 

Property For Industry seeks up to $100 million

Property For Industry seeks up to $100 million through new bond offer

By Rebecca Howard

Oct. 27 (BusinessDesk) - Property For Industry wants to raise $100 million through a new bond offer to institutional and New Zealand investors in order to repay existing bank debt.

The Auckland-based company is offering up to $75 million of senior secured fixed rate bonds with oversubscriptions of up to $25 million, it said. The bonds are expected to have a term to maturity of seven years and it expects to provide full details of the offer next week. The company didn't offer an indicative rate, with the seven-year swap rate recently at 2.95 percent.

PFI appointed Forsyth Barr as arranger, and Bank of New Zealand and Deutsche Craigs, together with Forsyth Barr, as joint lead managers in relation to the offer.

Companies have turned to the NZX debt market as low interest rates make for an attractive funding option. According to the stock market operator, the number of listed debt securities rose 9.4 percent to 116 on the year in October.

Earlier this month, PFI announced it had bought nine properties for $69.5 million to extend the average lease term of its existing portfolio and acquire development opportunities in the future, and will pay for the deal through a discounted rights issue that closes on Nov. 1.

PFI’s portfolio of 92 properties located in Auckland, Hamilton, Mount Maunganui, New Plymouth, Napier, Wellington, Nelson, Blenheim and Christchurch is leased to 148 tenants.

Its shares recently traded up 0.9 percent to $1.625.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Department Of Conservation: Beech Mast On The Cards After Warm Summer

Climate modelling shows this year’s hot March has increased the chance of beech forest seeding next summer in parts of New Zealand, which could be bad news for native wildlife. The Department of Conservation (DOC) uses data from NIWA’s virtual climate ... More>>

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Geo40: Global Plans To Recover Low-Carbon Lithium At Scale Accelerated By Investment Of Up To $7.5m By Pacific Channel

New Zealand’s leading sustainable, mineral-recovery company, Geo40 Limited has secured up to $7.5m in equity investment from New Zealand deep-tech specialist Venture Capital firm Pacific Channel to fast-track plans to develop its nascent lithium-from-geothermal-fluid ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>