Ann: GENERAL: PCT: Precinct announces interest rate for its...

• Release Date: 12/12/14 13:12
• Summary: GENERAL: PCT: Precinct announces interest rate for its retail bond offer
• Price Sensitive: No
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					PCT
12/12/2014 13:12
GENERAL
PRICE SENSITIVE
REL: 1312 HRS Precinct Properties New Zealand Limited

GENERAL: PCT: Precinct announces interest rate for its retail bond offer

On 28 November 2014, Precinct Properties New Zealand Limited (Precinct)
announced that it had registered its Simplified Disclosure Prospectus (SDP)
for its offer of up to $50 million (with the ability to accept up to $25
million oversubscriptions) fixed rate senior secured bonds(1)  (Bonds) to the
New Zealand public.

Following the successful bookbuild for its offer of seven year Bonds,
Precinct confirms that the issue has closed and that the whole offer amount
of $50 million plus oversubscriptions of $25 million has been reserved for
clients of the participants in the bookbuild process.  There was no public
pool for the offer.

The interest rate for the Bonds has been set at 5.54% per annum.  This
reflects a margin of 1.40% p.a. over the seven year swap rate.

The Bonds will be issued on 17 December 2014.

Investors should contact any of the Joint Lead Managers, Co-Manager or their
usual financial advisor to request a free copy of the SDP for the Bonds.  A
free copy of the SDP can also be reviewed at www.precinctbondoffer.co.nz.

Joint Lead Managers:
ANZ
0800 269 476
www.anzsecurities.co.nz

Deutsche Craigs
0800 226 263
www.craigsip.co.nz

First NZ Capital
0800 005 678
www.fnzc.co.nz

Co-Manager:
Macquarie Capital (New Zealand) Limited
0800 742 737
www.macquarie.com

Application has been made to NZX Limited for permission to quote the Bonds on
the NZX Debt Market and all the requirements of NZX relating thereto that can
be complied with on or before the date of this advertisement have been duly
complied with.(2)   However, the Bonds have not yet been approved for trading
and NZX accepts no responsibility for any statement in this advertisement.
The NZX Debt Market is a licensed market operated by NZX Limited which is a
licensed market operator regulated under the Financial Markets Conduct Act
2013.

-ends-

For further information, contact:
George Crawford
Chief Financial Officer
Office: +64 9 927 1641
Mobile: +64 21 384 014
Email: [email protected]

About Precinct (PCT)
Precinct is New Zealand's only specialist listed investor in premium and
A-grade commercial office property. Listed on the NZX Main Board, PCT
currently owns 17 New Zealand buildings - Auckland's PwC Tower, SAP Tower
(3), AMP Centre, ANZ Centre, Zurich House, HSBC House and Downtown Shopping
Centre; and Wellington's State Insurance Tower, Vodafone on the Quay, 171
Featherston Street, 125 The Terrace, No. 1 and No. 3 The Terrace, Pastoral
House, Mayfair House, 80 The Terrace (4) , Deloitte House and Bowen Campus.

1)  The Bonds benefit (on an equal ranking basis with other secured
creditors, including Precinct's bank lenders, USPP noteholders, hedging
provider and any future secured creditors) from mortgages over real property
granted by Precinct's property holding subsidiaries (Precinct Properties
Downtown Limited and Precinct Properties Holdings Limited). In an insolvency
of those security providers, the claims of the senior secured creditors will
(by virtue of that security) rank ahead of all other creditors of the
relevant security provider other than certain statutorily preferred
creditors.

2)    Precinct has received a waiver from NZX to NZX Main Board/NZX Debt
Market Listing Rule 5.2.3 in respect of the offer of the Bonds.

3)  Precinct has entered into an unconditional agreement to sell SAP Tower in
Auckland for $97 million.  Settlement is expected to take place in February
2015.

4)  80 The Terrace in Wellington is currently being marketed for sale. At
present no agreement for the sale of this property has been entered into and
there is no certainty whether a transaction will proceed.
End CA:00258851 For:PCT    Type:GENERAL    Time:2014-12-12 13:12:25