Tuesday 30th May 2017 |
Text too small? |
Summerset Group announced a retail bond offer of $75 million with the ability to accept up to $25 million in over-subscriptions.
The six-year fixed-rate bonds maturing July 11, 2023, have been offered to New Zealand institutional and retail investors, the retirement village operator said in a statement to the NZX.
The offer is expected to open June 15 and close on July 6. The interest rate for the bonds will be determined by a bookbuild and is expected to be announced via the NZX on June 14.
In a letter to shareholders, it said the bond offer is a "significant milestone" for Summerset, being its first domestic regulated bond issue and the first for the New Zealand retirement village sector. The proceeds from the offer will be used to repay a portion of the Summerset Group’s existing drawn bank debt, providing the Summerset Group with "diversification of funding sources and tenor," it said.
Summerset has appointed ANZ Bank New Zealand Limited as arranger, and ANZ, Deutsche Craigs Limited, First NZ Capital Securities Limited and Forsyth Barr Limited as joint lead managers. There is no public pool, with all the bonds being reserved for clients of the joint lead managers, NZX participants and other approved financial intermediaries.
(BusinessDesk)
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes