AUCKLAND, NEW ZEALAND: Kiwi Property Group Limited is offering up to NZ$100 million (plus up to NZ$50 million of oversubscriptions) of seven-year fixed-rate senior secured green bonds to institutional and New Zealand retail investors, a news release said.
The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities.
The interest rate for the Green Bonds will be set on the rate set date as being equal to the base rate plus the margin, subject to a minimum interest rate of 2.85% per annum.
The indicative margin range is 1.35% to 1.50% per annum. An announcement of the actual margin and interest rate is expected to be made via NZX on 9 July 2021 following a bookbuild process.
The Green Bonds are expected to be quoted on the NZX Debt Market and assigned a BBB+ credit rating by S&P Global Ratings.
There is no public pool for the offer, with all the Green Bonds reserved for clients of the Joint Lead Managers, NZX participants and other approved financial intermediaries.
The offer is expected to close on 9 July 2021.