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Investore Property sets interest rate for oversubscribed NZ$100M bond issuance

Investore Property Ltd. said its planned offering of senior secured fixed-rate six-year bonds was fully oversubscribed by NZ$25 million at the close of its bookbuilding process, aggregating to an allocation of NZ$100 million of bonds to participants.

The company, which proposed to issue up to NZ$75 million of bonds to institutional and retail investors in New Zealand, set the annual interest rate at the 4.40% lower limit, as per the indicative terms sheet for the bonds dated March 12.

Additionally, the New Zealand-headquartered commercial property owner determined a yearly indicative issue margin of 1.50%, from the range of between 1.50% and 1.70% over the six-year swap rate for the bonds maturing April 18, 2024.

The offering, exclusive of a public pool, is slated to commence March 21 and close April 12.

Investore aims to quote the bonds on the debt market of the New Zealand stock exchange under the IPL010 ticker code.

ANZ Bank New Zealand Ltd., Deutsche Craigs Ltd. and Forsyth Barr Ltd. are acting as the offering's joint lead managers, alongside Westpac Banking Corp.'s New Zealand branch that is also serving as the arranger.

As of March 19, US$1 was equivalent to NZ$1.38.