Summerset considers retail bond offer

NZX & ASX RELEASE

20 February 2023

SUMMERSET CONSIDERS RETAIL BOND OFFER

Summerset Group Holdings Limited (Summerset) is considering making an offer of up to NZ$125 million (with the ability to accept up to an additional NZ$50 million of oversubscriptions at Summerset’s discretion) of six year, fixed rate bonds to New Zealand investors. The bonds will be unsubordinated obligations of Summerset, and will have the benefit of a guarantee and security package provided by the Summerset guaranteeing group.

It is expected that full details of the offer will be released in the week beginning 27 February 2023, when the offer is scheduled to open.

Summerset has appointed ANZ Bank New Zealand Limited (ANZ) as Arranger, and ANZ, Craigs Investment Partners Limited, Forsyth Barr Limited and Jarden Securities Limited as the Joint Lead Managers and Hobson Wealth Partners Limited as a Co-Manager in relation to the proposed offer.

Investors can register their interest in the proposed offer by contacting a Joint Lead Manager detailed below, or their usual financial adviser. Indications of interest will not constitute an obligation or commitment of any kind to acquire the bonds.

No money is currently being sought and applications for the bonds cannot currently be made. If Summerset offers the bonds, the offer will be made in accordance with the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The bonds are expected to be quoted on the NZX Debt Market under the ticker SUM040.

Joint Lead Managers
ANZ
Craigs Investment Partners
Forsyth Barr
Jarden

Co-Manager
Hobson Wealth Partners

ENDS

For investor relations enquiries:
Will Wright
Chief Financial Officer
[email protected]
021 490 251

For media enquiries:
Louise McDonald
Senior Communications Advisor
[email protected]
021 246 3793

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Announcement PDF