Precinct sets interest rate on $75M of bonds at 5.54%

Fri, 12 Dec 2014

By Paul McBeth Dec. 12 (BusinessDesk) - Precinct Properties New Zealand, which has increasingly been focusing on Auckland office space, has set the interest rate for its $75 million bond issue, which it will use to repay bank debt. The Auckland-based property investor set the rate at 5.54 percent per annum, 1.4 percentage points above the seven-year swap rate after the $50 million issue was oversubscribed to its $25 million maximum in a bookbuild, it said in a statement. That margin was just above the middle of Precinct's indicative range...

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