Precinct Properties 4 Year Convertible Notes (PCTHA)
Precinct Properties New Zealand Limited (Precinct) has announced an offer of up to $150 million of subordinated convertible notes (Notes), paying at least 4.8% p.a for four years
The convertible element is a little bit interesting in that it provides potential upside due to the way it is structured.
The Conversion Price is the lesser of:
the Conversion Price Cap of $1.40; and
a 2% discount to the Market Price (referred to below as the discounted approach).
Effectively if the share price is above 1.40 in four years Note holders will benefit.
Issuer:
Precinct Properties New Zealand Limited
Instrument:
Fixed rate, unsecured, subordinated convertible notes
Maturity Date:
27 September 2021 (4-year convertible note)
Issue Rating:
The Notes will not be rated.
Size:
Up to NZ$150 million, with the ability to accept up to a further NZ$50 million in oversubscriptions
Interest Rate:
Minimum 4.80%
The indicative margin range above the 4-year swap rate for the Notes is 2.25% to 2.45% per
The oversubscription of the Heartland Bank offer has confirmed there is a lot of money looking for a home..........
Colmar Brunton NZ - Paid research interviews
Hi all,
Apologies for being slightly off-topic; I'll keep this as short as possible.
Colmar Brunton is conducting some research on behalf of the Financial Markets Authority (FMA) about what information investors find most helpful to make informed decisions about particular investments. This will help the FMA improve product disclosure documents to make them more useful for investors. We're looking for people to take part in paid research interviews at our Auckland and Wellington offices over the next few weeks.
We'd like to talk with you if you have recently invested in the Precinct Properties' subordinated convertible notes.
Your contact details and the feedback you provide in interviews will be completely annonymised and will not be used for any other purpose. If you are interested in taking part, please email ali.ajmal@colmarbrunton.co.nz with your contact details including a phone number.
Cheers
PS: If you're interested, please get in touch via the email above as direct messages on ST won't be acknowledged.
PPS: This message was cleared with an ST Admin before being posted.