Fuseworks3 years ago
Precinct Properties New Zealand (NZX:PCT.NZ - News) announced today that it has borrowed US$75 million (NZ$98 million) for 10 and 12 year terms in the United States Private Placement (USPP) market. To remove all currency risk the proceeds have been fully swapped back to New Zealand dollars. The resulting pricing reflects 10 and 12 year funding at 2.17% and 2.19% over the New Zealand three month bank bill rate (3 m BKBM) and will be drawn on 27 January 2015. George Crawford, Precinct’s CFO, said, "We are very pleased with this transaction and the strong levels of interest we have received from US investors."