Kiwi Income Property may offer $125m of bonds to fund spending, repay bank debt

Gavin Parker, Kiwi Income Property Trust Chief Financial Officer
Kiwi Income Property Trust 12-month price history (NZX.com)

Kiwi Income Property Trust [NZX: KIP], the country's second-biggest listed property investor, may offer as much as $125 million of bonds to fund general corporate spending and the payment of existing bank debt facilities.

The Auckland-based company may sell $100 million of seven-year bonds with the ability to accept up to $25 million of oversubscriptions next month, it said in a statement. It is seeking preliminary indications of interest.

"It's intended to be used for general corporate purposes including the repayment of existing bank debt facilities," chief financial officer Gavin Parker told BusinessDesk.

The bonds will only be offered in New Zealand.

The units last traded at $1.16, and have gained 7.4 percent this year.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7849 -0.0036 -0.46%
AUD 0.9118 0.0034 0.37%
EUR 0.6316 -0.0059 -0.93%
GBP 0.4999 -0.0043 -0.85%
HKD 6.0874 -0.0323 -0.53%
JPY 92.9400 0.0540 0.06%

Commods

Commodity Price Change Time
Gold Index 1201.1 7.690 2014-11-21T00:
Oil Brent 78.6 -0.120 2014-11-21T00:
Oil Nymex 76.5 0.710 2014-11-21T00:
Silver Index 16.4 0.260 2014-11-21T00:

Indices

Symbol Open High Last %
NZX 50 5495.8 5509.9 5495.8 -0.44%
NASDAQ 4725.2 4745.5 4713.0 0.60%
DAX 9722.3 9832.4 9732.5 0.54%
DJI 17812.6 17855.3 17810.1 -0.04%
FTSE 6750.8 6764.0 6750.8 -0.31%
HKSE 23883.3 23936.3 23437.1 1.95%
NI225 17285.7 17381.6 17300.9 0.33%