PFI Launches $150 Million Bond Offer in NZ Market
Deal News | Mar 11, 2025 | Chapman Tripp
Chapman Tripp has advised Property for Industry Limited (PFI) on a landmark $150 million bond offer, which represents the first retail corporate bond transaction in the New Zealand market for 2025. This significant deal is PFI's first bond issuance since 2018, featuring 5.5-year senior secured fixed rate bonds at an interest rate of 5.43% per annum and a margin of 1.65% per annum. The transaction showcases strong demand, including $50 million of oversubscriptions. The bonds were marketed to both New Zealand and Australian investors, with Westpac NZ serving as Arranger and Joint Lead Manager, assisted by CBA, Craigs, and Forsyth Barr as Joint Lead Managers. The issuance underscores PFI's strategic commitment to the industrial sector, supported by Chapman Tripp's legal team of Luke Ford and Tom Yates. Scheduled to be issued on March 13th and listed on the NZX on March 14th, the bonds highlight PFI's robust market presence with a portfolio of 91 industrial properties valued over $2 billion.
Sectors
- Finance
- Real Estate
- Legal Services
Geography
- New Zealand – The bond offer is taking place in New Zealand, involving New Zealand retail and institutional investors.
- Australia – The bonds also attracted interest from Australian institutional investors, indicating a cross-Tasman financial transaction.
Industry
- Finance – The article covers a financial transaction involving bond issuance, relevant to the finance industry, specifically focusing on corporate bonds.
- Real Estate – PFI, the subject of the bond issuance, is involved in real estate, owning and managing industrial properties.
- Legal Services – The involvement of Chapman Tripp as legal advisors indicates the article's relevance to legal services in financial transactions.
Financials
- $150 million – Total value of the bond offer.
- 5.43% p.a. – Interest rate of the bonds issued.
- 1.65% p.a. – Margin of the bond offer.
- $50 million – Amount available for oversubscription in the bond offer.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Property for Industry Limited (PFI) | Target Company | Company | PFI is a company specializing in industrial real estate, launching a $150 million bond offer. |
| Chapman Tripp | Legal Advisor | Company | Chapman Tripp provided legal advisory services for PFI's bond issuance. |
| Westpac NZ | Arranger and Joint Lead Manager | Company | Westpac NZ played a key role in organizing and managing the bond offer. |
| CBA | Joint Lead Manager | Company | CBA acted as a Joint Lead Manager for the bond issuance. |
| Craigs | Joint Lead Manager | Company | Craigs functioned as a Joint Lead Manager in the bond transaction. |
| Forsyth Barr | Joint Lead Manager | Company | Forsyth Barr served as a Joint Lead Manager for the bond offer. |
| Luke Ford | Lawyer | People | Lead lawyer from Chapman Tripp advising on the transaction. |
| Tom Yates | Lawyer | People | Lawyer from Chapman Tripp team providing legal support for the bond issuance. |