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Chapman Tripp is pleased to have advised Property for Industry Limited (PFI) on its latest bond offer, marking the New Zealand market’s first retail corporate bond deal of 2025.
This significant transaction, PFI’s first bond offer since 2018, underscores the company’s commitment to investing in the industrial sector.
The transaction comprises $150 million of 5.5-year senior secured fixed rate bonds at an interest rate of 5.43% p.a. and margin of 1.65% p.a., pricing at the tight end of its indicative margin range and including $50 million of oversubscriptions.
The bonds were offered to New Zealand retail and institutional investors, as well as Australian institutional investors. Westpac NZ acted as Arranger and Joint Lead Manager, with CBA, Craigs and Forsyth Barr acting as Joint Lead Managers.
The Chapman Tripp team of Luke Ford and Tom Yates acted on the transaction, providing comprehensive legal advice and support throughout the process.
“We are proud to have supported the PFI team in this transaction. PFI’s successful return to the bond market, as the first corporate for the year, sends the right message to domestic issuers and we hope to see more activity following suit.” said Luke Ford.
The bonds will be issued on Thursday, 13 March and will be quoted on the NZX from Friday, 14 March.
PFI has a portfolio of 91 industrial properties valued at over $2 billion.
