Kiwi Property bond offer oversubscribed, rate at bottom of indicative range

Tue, 12 Dec 2017

By Rebecca Howard Dec. 12 (BusinessDesk) - Kiwi Property Group has raised $125 million in seven-year bonds, accepting $50 million in oversubscriptions after a bookbuild set the interest rate at the bottom end of the indicative range. The interest rate for the fixed-rate senior secured bonds will be 4.33 percent per annum, which reflects a margin of 1.45 percent over the seven-year swap rate, the Auckland-based company said in a release to the stock exchange. The indicative rate was a range of 1.45-to-1.55 percent, with annual interest of...

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