Precinct to raise up to $75M in bond offer to repay bank debt

Fri, 28 Nov 2014

By Paul McBeth Nov. 28 (BusinessDesk) - Precinct Properties New Zealand, which this week sold its SAP building in Auckland to property mogul Bob Jones for $97 million, plans to raise up to $75 million in a bond offer, which it will use to repay bank debt. The Auckland-based company is selling $50 million of seven-year bonds with oversubscriptions of up to $25 million, it said in a statement. The interest rate will be set in a bookbuild on Dec. 12, with an indicative margin range of between 1.3 percent and 1.45 percent per annum. "The p...

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