Kiwi Property Group Limited (Kiwi Property) confirmed today that it is offering up to $100 million (plus up to $25 million of oversubscriptions) of seven-year fixed-rate senior secured bonds maturing on 12 November 2025 to institutional and New Zealand retail investors. The offer will open with an indicative margin range of 1.45 per cent to 1.55 per cent, subject to a minimum interest rate of 4.00 per cent.
Summarised details of the offers are below:
Issuer: Kiwi Property Group Limited.
Description: The Bonds are fixed-rate senior secured bonds of the Issuer.
Maturity Date: Wednesday, 12 November 2025.
Size: Up to $100 million (plus up to $25 million of oversubscriptions).
Minimum Interest Rate: The Interest Rate will be set on the Rate Set Date as being equal to the Base Rate plus the Margin, subject to a minimum Interest Rate of 4.00 per cent per annum.
Interest Payments: 12 May and 12 November of each year up to and including the Maturity Date.
Listing: Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market, ticker code KPG040.
Credit rating: BBB (stable) (S&P Global Ratings).
Brokerage: No Brokerage payable by investors.
Minimum Application: $5,000 and in multiples of $1,000 thereafter.
Opening Date: Monday, 29 October 2018.
Closing Date: Friday, 2 November 2018.
Rate Set Date: Friday, 2 November 2018.
Issue Date: Monday, 12 November 2018.
Quotation Tuesday, 13 November 2018.
If you wish to bid through us, you must read the term sheet and please advise your firm interest by no later than 5.00 PM Wednesday, 31st October 2018.