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Kiwi Property launches NZ$75M bond offering

Kiwi Property Group Ltd. launched an offering of up to NZ$75 million worth of fixed-rate senior secured bonds due Dec. 19, 2024, with an an indicative margin range of 1.45% to 1.55% and an oversubscription option of up to NZ$50 million.

The margin range is subject to a minimum interest rate of 4.25%, according to a release. The offering, which is set to close Dec. 12, is targeted at institutional and New Zealand retail investors. The bonds are expected to be listed on New Zealand Exchange's debt market.

Deutsche Craigs Ltd. and the New Zealand branch of Westpac Banking Corp. are the joint lead managers for the offering, while Bank of New Zealand and Forsyth Barr Ltd. are co-managers.

As of Dec. 1, US$1 was equivalent to NZ$1.46.