Precinct Properties New Zealand Limited has announced indicative pricing for its offer of up to $150 million of subordinated convertible notes.
The indicative issue margin ranges for the notes are 2-2.4% per annum above the 3 - swap rate for the 2026 notes, subject to a minimum interest rate of 7% per annum and 2.15-2.55% per annum above the 4-year swap rate for the 2027 notes, subject to a minimum interest rate of 7%.
The offer includes two series of notes, with the ability to accept oversubscriptions of up to an additional $50 million.
The final issue margin and interest rate will be determined through a bookbuild process.
The offer is open to eligible New Zealand resident retail shareholders and certain overseas institutional investors.
The notes are expected to be issued on September 21, 2023.
The offer is being made in accordance with the Financial Markets Conduct Act 2013 and the notes are expected to be quoted on the NZX Debt Market.
See more
