By Angela McDaniels
Tacoma, Wash., June 21 - Commonwealth Managed Investments Ltd. priced A$300 million of five-year exchangeable notes with a 5.75% coupon and a 27.7% conversion premium, according to a company news release.
The notes are exchangeable for units of CFS Retail Property Trust at a price of A$2.40 per unit.
Deutsche Bank AG, Sydney Branch and J.P. Morgan Securities Ltd. are the bookrunners.
Holders will have a put option on July 4, 2014.
Proceeds will be used to fund a tender offer for up to A$300 million of convertible notes due in August 2014.
CFS Retail Property Trust is a real estate investment trust based in Sydney, Australia, that invests in shopping centers and retail outlet centers. Commonwealth Management Investments is the responsible entity of CFS Retail.
| Issuer: | Commonwealth Managed Investments Ltd.
|
| Issue: | Exchangeable notes
|
| Amount: | A$300 million
|
| Maturity: | July 4, 2016
|
| Coupon: | 5.75%
|
| Conversion price: | A$2.40 per unit of CFS Retail Property Trust
|
| Conversion premium: | 27.7%
|
| Put option: | On July 4, 2014
|
| Bookrunners: | Deutsche Bank AG, Sydney Branch and J.P. Morgan Securities Ltd.
|
| Pricing date: | June 21
|
| Settlement date: | July 4
|
| Stock symbol: | Australia: CFX
|
| Stock price: | A$1.88 at close June 20
|
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