Kiwi Property Group Ltd opened an offer of up to $125 million of 7-year fixed-rate senior secured bonds to institutional & NZ retail investors on Monday. There’s no public pool.
The company expects S&P Global Ratings to assign the bonds an issue credit rating of BBB+. Kiwi Property’s current corporate credit rating is BBB (stable).
The indicative margin range is 1.45-1.55%, subject to a minimum interest rate of 4.00%. Kiwi Property will announce the actual margin & interest rate following the bookbuild process, and close the offer on Friday.
The offer is for up to $100 million, plus $25 million of oversubscriptions.
Attribution: Company release.