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Precinct Properties New Zealand Limited has announced an offer of up to $50 million (with potentially a further $25 million in over subscriptions) of fixed rate senior secured bonds.

The offer is expected to open on Monday 8 December 2014 and close on Friday 12 December 2014 at 5.00 pm. The indicative margin range for the bonds is 1.30% - 1.45% per annum above the 7 year SWAP rate ( Indicative Coupon 5.55% - 5.70%). An announcement of the margin and the fixed rate of interest applying to the Bonds will be made following the bookbuild process, expected to be on Friday 12 December 2014.

Key Terms of the Offer:

The Bonds are senior secured fixed rate debt obligations of Precinct.

The Bonds will be secured by Mortgages and will rank equally with certain other senior obligations of Precinct also secured by the mortgages.

The Bonds are expected to be quoted on the NZX Debt Market.

Offer Amount: Up to $50 million (plus potentially a $25 million in over subscriptions).

Maturity Date: 17 December 2021.

Interest Rate: The Bonds will pay a fixed rate of interest from the Issue Date until the Maturity Date.

Interest Payments: Interest will be paid semi-annually in arrears in equal amounts on each interest

Payment Date: (17 June and 17 December).

Security: The Bonds are secured by Mortgages over certain properties owned by the Precinct Group Companies.

Important Dates:

Opening Date 8 December 2014
Closing Date 12 December 2014
Rate Set Date 12 December 2014
Issue Date 17 December 2014
Maturity Date 17 December 2021