Turners Automotive Group (TRA) confirmed today that it is offering up to NZ$25,000,000 of subordinated, secured fixed rate bonds (Bonds) to institutional investors and New Zealand retail investors, with the ability to accept up to NZ$5,000,000 oversubscriptions.
Summarised details of the offers are below.
Issuer: Turners Automotive Group Limited
Description: Subordinated, Secured, guaranteed by Turners Automotive Group subsidiaries (see Term Sheet)
The net proceeds of this Offer are expected to be applied towards repaying existing financing for Turners, including the interest bearing convertible bonds maturing 30 September 2018 issued by Turners (then known as Turners Limited) and quoted on the NZX Debt Market (NZX: TRAHB) (Existing Convertible Bonds). This is expected to provide additional debt capacity to fund future business opportunities.
Maturity Date: 30 September 2021 (3 Year)
Size: Up to NZ$25 million plus oversubscriptions of up to NZ$5 million at the discretion of the Issuer
Minimum Interest Rate: The Bonds will bear a fixed rate of interest of 5.5% per annum from the Issue Date (expected to be 1 October 2018) until the Maturity Date.
Interest Payments: Quarterly in arrears in four equal payments
Listing: Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market, ticker code TRA100
Brokerage: No brokerage payable by investors.
Minimum Application: $2,000 and in multiples of $1,000 thereafter
Opening Date: 28 August 2018
Closing Date: 24 September 2018
Rate Set Date: -
Issue Date: 1 October 2018
Quotation 2 October 2018
If you wish to bid through us, please advise your demand number by no later than 5.00pm Friday, 10th September 2018.
PLEASE NOTE: If you have not already supplied us with the following, we will require a certified copy of valid ID (such as a drivers licence), proof of address and proof of banking details (such as a banking statement). We will ONLY accept your application if you supply the above.
Product Disclosure Statement