Precinct raises $100 mln in oversubscribed bond, rate set at 4.42%

Fri, 17 Nov 2017

By Paul McBeth Nov. 17 (BusinessDesk) - Precinct Properties New Zealand has raised $100 million in an oversubscribed seven-year bond, paying annual interest at the bottom end of its indicative margin. The Auckland-based commercial property investor's $75 million offer was oversubscribed, with all $25 million of extra allocations taken up, it said in a statement. The price was set in a bookbuild at a margin of 1.5 percent above the seven-year swap rate, the bottom of an indicative range between 1.5-and-1.6 percent. The bonds will pay annu...

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