Kiwi Income seven-year bonds oversubscribed

Kiwi Income Property Trust, the country's second-biggest listed property investor by market value, has had its seven-year bond offer oversubscribed.

The full $100 million offer and $25 million in oversubscriptions was allocated in a bookbuild, the trust's manager said in a statement. The bonds will pay annual interest of 6.15 percent. The offer opens on July 11 and closes on Aug. 1.

Last month, Kiwi Income's chief financial officer Gavin Parker told BusinessDesk the proceeds will go towards general corporate purposes and repaying existing bank debt.

Units in the trust gained 0.4 percent to $1.185.

BusinessDesk.co.nz

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