By Rebecca Melvin
Princeton, N.J., July 7 - Kiwi Income Property Trust sold NZ$142.3 million of mandatory convertible notes in a deal priced to yield 8.0%.
Goldman Sach JBWere Ltd. was bookrunner for the five-year note deal, which was fully subscribed at NZ$100 million along with the greenshoe for NZ$32.3 million.
Proceeds of the deal are intended to help fund Kiwi Income Property Trust's Sylvia Park project, a 24 hectare site in Auckland to be developed for mixed uses including retail, office properties, and possibly, housing and education uses.
Auckland-based Kiwi Income Property Trust is New Zealand's largest diversified property trust.
| Issuer: | Kiwi Income Property Trust
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| Issue: | Unsecured subordinated mandatory convertible notes
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| Amount: | NZ$110 million
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| Greenshoe: | NZ$32.3 million
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| Maturity: | June 30, 2010
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| Coupon: | 8.0%
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| Price: | NZ$1
|
| Yield: | 8.0%
|
| Conversion price: | NZ$1.23
|
| Pricing date: | July 1
|
| Bookrunner: | Goldman Sach JBWere Ltd.
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