KIPT manager announces bond offer
Kiwi Property Management, the manager of Kiwi Income Property Trust, is to offer up to $100 million of seven-year fixed rate senior secured bonds, with the ability to accept up to $25 million in oversubscriptions.
Wednesday, July 2nd 2014, 10:47AM
Interest will be paid on February 20 and August 20 each year.
The interest rate will be set and announced through NZX after a bookbuild next week.
The maturity date for the bonds is August 20, 2021.
Chief financial officer Gavin Parker 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 NZ Permanent Trustees Ltd, and KIP's two property holding subsidiaries, Kiwi Property Holdings and Sylvia Park Business Centre.
The offer is expected to open next Friday and close on August 1.
There is no public pool. The joint lead managers are Deutsche Craigs, BNZ and Forsyth Barr.
| « KIPT manager mulls $125m bond offer | MRP offer 'well supported' » |
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