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Kiwi might issue NZ$100 million-NZ$150 million five-year convertibles
By Angela McDaniels
Tacoma, Wash., Nov. 2 - Kiwi Income Property Trust is considering raising NZ$100 million to NZ$150 million through the issuance of five-year subordinated mandatory convertible notes, according to a company news release.
The convertibles would be issued to New Zealand residents and Australian institutions through a primary offer and to unitholders of the trust in New Zealand through an entitlement offer.
The company said the convertibles would have terms similar to its NZ$142.3 million of mandatory convertible notes due June 30, 2010, which have a coupon of 8% and a conversion price of NK$1.23.
The proceeds would be used to reduce the trust's bank debt.
The trust said interested investors should contact their financial advisers or Goldman Sachs JBWere (NZ) Ltd., which is advising Kiwi on the potential offering.
Kiwi is a diversified property trust based in Auckland, New Zealand.
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