Precinct Properties to raises $100 mln in 7-year bond to repay bank debt

Sun, 12 Nov 2017

By Sophie Boot Nov. 13 (BusinessDesk) - Precinct Properties New Zealand plans to raise up to $100 million from a seven-year bond offer to repay bank debt. The listed commercial property investor announced its plans for the offer last Thursday and released details today. It is offering $75 million of the bonds with up to $25 million in oversubscriptions. The indicative margin is 150-to-160 basis points above the seven-year swap rate, subject to a minimum interest rate of 4.4 percent. The seven-year swap rate was recently at 2.96 percen...

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