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Investore Property to offer NZ$75M worth of bonds in domestic private issuance

Investore Property Ltd is offering up to NZ$75 million worth of senior secured fixed-rate bonds to institutional and retail investors in New Zealand.

The six-year bonds will have a term maturing April 18, 2024, and will be quoted on the New Zealand bourse's debt market, according to a release. The Kiwi commercial property owner will also provide an oversubscription option amounting to a maximum of NZ$25 million.

Investore anticipates the private bond offering period will run between March 21 and April 12 only for customers of the joint lead managers, participants on the New Zealand stock exchange and approved financial intermediaries.

Westpac Banking Corp.'s New Zealand branch will serve as the arranger for the offering, while together with ANZ Bank New Zealand Ltd., Deutsche Craigs Ltd. and Forsyth Barr Ltd. will also act as a joint lead manager.

As of March 2, US$1 was equivalent to NZ$1.38.