By Devika Patel
Knoxville, Tenn., June 26 – Hotel Property Investments Ltd. priced A$230 million of long-term debt, according to a press release.
The company sold A$100 million of fixed-rate notes due 2025, A$100 million of floating-rate notes due 2027 and A$30 million of fixed-rate notes due 2027.
The issue’s weighted average tenor is 9.1 years from the pricing date at a weighted average cost of 4.52%.
Proceeds will be used to reduce existing bank debt.
The freehold pub owner and lessor is based in Southbank, Australia.
| Issuer: | Hotel Property Investments Ltd.
|
| Issue: | Notes
|
| Amount: | A$230 million
|
| Average tenor: | 9.1 years
|
| Average cost of debt: | 4.52%
|
| Pricing date: | June 26
|
| Settlement date: | August
|
| Distribution: | Private placement
|
|
|
| Eight-year fixed-rate notes
|
| Amount: | A$100 million
|
| Maturity: | 2025
|
|
|
| Floating-rate notes
|
| Amount: | A$100 million
|
| Maturity: | 2027
|
|
|
| Ten-year fixed-rate notes
|
| Amount: | A$30 million
|
| Maturity: | 2027
|
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