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

Kiwi Income Property Trust, 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.co.nz

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