Kiwi Property raises $125m, paying 4.00% over seven years

Kiwi Property Group chief executive Chris Gudgeon
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KPG Kiwi Property Group Limited
$1.340
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Volume: 902,628

Kiwi Property [NZX: KPG] has raised a total of $125 million in a bond issue, paying a 4% coupon or interest rate to investors over seven years.

The issue was oversubscribed, with the company fully issuing the $50 million in bonds set aside to handle oversubscription.

The bonds will be issued on September 7, 2016 and mature on September 7, 2023.

Deutsche Craigs and Westpac were joint lead managers, with Bank of New Zealand a co-manager.

Shares in Kiwi Property were unchanged at $1.55 and have risen 14.8% since the start of the year.

(BusinessDesk)

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