By Lisa Kerner
Charlotte, N.C., June 19 - Stockland Finance Pty. Ltd. announced an agreement to secure new long-dated U.S. private placement debt equivalent to A$155.3 million.
The debt comprises three tranches:
• A$65 million with a 10-year term maturing August 2022;
• $40.5 million with a 10-year term maturing August 2022; and
• $50 million with a 12-year term maturing August 2024.
The issue was priced in Australian dollar terms at an average spread of BBSW plus 303 basis points, inclusive of fees.
Initially issued at a fixed rate, the debt was swapped to floating rate, according to a company news release.
Barclays Capital Inc and UBS were the joint placement agents.
"We had initially targeted raising A$100 million, but with good demand from existing [U.S. private placement] investors, we expanded the issue to A$155.3 million," chief financial officer Tim Foster said in the release.
Stockland is a Sydney, Australia-based property development and financial company.
| Issuer: | Stockland Finance Pty. Ltd.
|
| Issue: | Debt
|
| Amount: | Equivalent of A$155.3 million
|
| Average spread: | BBSW plus 303 bps
|
| Agents: | Barclays Capital Inc and UBS
|
| Distribution: | Private placement
|
|
|
| Tranche 1
|
| Amount: | A$65 million
|
| Maturity: | August 2022
|
|
|
| Tranche 2
|
| Amount: | $40.5 million
|
| Maturity: | August 2022
|
|
|
| Tranche 3
|
| Amount: | $50 million
|
| Maturity: | August 2024
|
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