Property for Industry Ltd will issue $100 million of 7-year senior secured fixed rate bonds next Monday, after closing its bookbuild process on Friday with the full allocation of $75 million plus $25 million of oversubscriptions.
The interest rate was set at 4.25%/year, reflecting a margin of 1.60%/year over the 7-year swap rate.
All the bonds have been allocated to intermediaries for distribution to their clients – there’s no public pool.
NZX-listed PFI has a portfolio of 93 properties leased to 146 tenants.
Attribution: Company release.