This article is from the Australian Property Journal archive
PEET is looking to raise $75 million to diversify its debt capital structure and bolster is balance sheet.
The group announced the launch of a new unsecured debt securities called Series 1, Tranche 1 Peet Bonds yesterday, as well as an extension of its senior syndicated debt facility to October 2019.
It will look to raise the amount by issuing 750,000 Bonds with a face value of $100 per Peet Bond, with the ability to raise greater or less than that amount subject to a minimum issue amount of $50 million.
Peet CEO Brendan Gore said the offer represented an opportunity for Peet to take advantage of demand from capital markets to diversity its debt capital structure.
“This facility enables both institutional and retail investors, including the company’s shareholders, to participate in the offer and assists Peet to diversify its corporate debt structure and increase the average maturity date of its borrowings.
“The funds raised from the offer will also enable the repayment of the Peet Convertible Notes and, together with the extension of the senior debt facility to October 2019, the offer further strengthens Peet’s balance sheet and supports its growth objectives,” Gore concluded.
Australian Property Journal
