Summerset Group Holdings Limited (Summerset) announced today that it is offering up to NZ$75,000,000 of 7 year guaranteed, secured, unsubordinated fixed rate bonds (Bonds) to institutional and New Zealand retail investors, with the ability to accept up to NZ$25,000,000 oversubscriptions at Summerset’s discretion. Summary details of the offer below (please refer to the Indicative Terms Sheet for more detail):
Summarised details of the offers are below.
Issuer: Summerset Group Holdings Limited
Description: Guaranteed, secured, unsubordinated, fixed rate bonds
Maturity Date: Wednesday, 24 September 2025 (7 Year)
Size: Up to NZ$75 million plus oversubscriptions of up to NZ$25 million at the discretion of the Issuer
Minimum Interest Rate: The Interest Rate will be the sum of the Issue Margin and the Base Rate, but in any case will be no less than the minimum Interest Rate of 4.15% per annum. The Interest Rate will be announced by Summerset via NZX on or shortly after the Rate Set Date.
Interest Payments: Quarterly in arrear in equal amounts on 24 March, 24 June, 24 September and 24 December of each year up to and including the Maturity Date.
Listing: Application has been made to NZX to quote the Bonds on the NZX Debt Market, ticker code SUM020
Brokerage: No brokerage payable by investors.
Minimum Application: $5,000 and in multiples of $1,000 thereafter
Important Dates
Opening Date: 10 September 2018
Closing Date: 14 September 2018
Rate Set Date: 14 September 2018
Issue Date: 24 September 2018
Quotation 25 September 2018
If you wish to bid through us, please advise your demand number by no later than 4.00 PM Thursday, 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.
Term Sheet
