Property for Industry bond to pay 4.25%

Property for Industry has fully utilised an over-subscription facility to issue $100 million of seven-year bonds.

The bonds, which mature in October 2025, will pay interest of 4.25 percent – near the top end of an indicated range. The seven-year swap rate the bonds were priced against jumped this week as fears of a US-China trade war eased and stronger than expected local GDP data reduced the risks of a rate cut here.

Property for Industry issued the bonds to diversify its funding options and pay down some of its $389 million of bank debt. PFI’s banking facility current costs it about 4.9 percent a year.

(BusinessDesk)

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

SCT - 2024 Half Year Announcement
Fletcher Building Executive Team announcement
Meridian Energy monthly operating report for March 2024
April 16th Morning Report
Finding Neutral: Estimates of New Zealand’s Nominal Neutral Interest Rate
OCA - FY2024 Market Update
NZ Windfarms Announces Chief Executive Appointment
Blackpearl Group Q4 FY24 Results Announcement
April 15th Morning Report
BAI - Completion of the Acquisition of Online Education Platform