Friday 21st September 2018
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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.
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