Precinct taps US investors for $98 million in private debt placement

Mon, 03 Nov 2014

By Suze Metherell Nov. 4 (BusinessDesk) - Precinct Properties New Zealand, formerly known as AMP NZ Office, has tapped US investors for US$75 million in a private debt placement with the proceeds to be used to repay debt. The Auckland-based company raised the debt in two tranches with US$50 million in a 10-year note paying annual interest of 4.13 percent and a US$25 million 12-year note with a coupon of 4.23 percent, it said in a statement. To remove any threat of currency movements the debt was swapped back to local currency, and was wor...

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