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Property For Industry Limited ( (NZ:PFI) ) has issued an update.
Property for Industry Limited has launched an offer of up to $125 million of 6.5-year senior secured fixed-rate bonds, with the ability to accept a further $75 million in oversubscriptions, targeting New Zealand retail and institutional investors as well as Australian institutional investors. The bonds, to be listed on the NZX Debt Market under ticker PFI040, carry an interest rate set as a margin over the base rate and are fully reserved for clients of joint lead managers and other approved intermediaries, signalling PFI’s continued use of the debt capital markets to refinance bank facilities and support general corporate funding needs.
The new bonds will rank equally with PFI’s existing secured debt and are guaranteed by P.F.I. Property No. 1 Limited, with first-ranking mortgages over a pool of industrial properties and a loan-to-value covenant capped at 50 percent. This structure underscores the company’s commitment to maintaining a conservative balance sheet while broadening its funding base, which should provide additional financial flexibility to support its industrial property portfolio and, by extension, the returns targeted for its stakeholders.
More about Property For Industry Limited
Property for Industry Limited is an NZX-listed industrial property specialist, owning more than 90 properties valued at over $2 billion across strategic locations in New Zealand. The company focuses on delivering long-term value and consistent returns for tenants and investors in the industrial sector through a diversified portfolio and specialist asset management expertise.
Average Trading Volume: 297,062
Technical Sentiment Signal: Buy
Current Market Cap: N$1.13B
See more insights into PFI stock on TipRanks’ Stock Analysis page.