Summerset to sell up to $150m 7-year bonds

Mon, 07 Sep 2020

Retirement village operator Summerset Group has launched an up to $150 million seven-year bond sale to diversify and lengthen the term of its debt, and to help fund future development.The offer of $100 million in bonds maturing Sept. 21, 2027, with the ability to accept over-subscriptions of $50 million at Summerset’s discretion, will pay no less than 2.3 percent a year.The actual interest rate will be set at an indicative issue margin of 2 to 2.2 percent over the swap rate, although the actual issue margin may be above or below that indi...

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