Published 2 November 2017, updated 12 November 2017:
Property for Industry Ltd confirmed its $100 million 7-year bond issue on 2 November. On 10 November, the interest rate was set at 4.59%/year, reflecting a margin of 1.65%/year above the 7-year swap rate.
PFI offered $75 million of senior secured fixed rate bonds to institutional & New Zealand retail investors and $25 million in oversubscriptions, and it was fully subscribed. There was no public pool. The company will use the proceeds to repay existing bank debt.
PFI expects the offer to open next Monday, 13 November, and to close on Friday 24 November. The indicative margin range above the 7-year swap rate for the bonds was 1.65-1.8%/year, subject to a minimum interest rate of 4.55%/year. The margin & interest rate were set following a bookbuild process on Friday 10 November.
1 November 2017: PFI settles portfolio purchase
6 October 2017: PFI uses new credit facility & rights issue to buy low-site-coverage freight portfolio
Attribution: Company release.