- Unsecured note offering of up to $75M to be launched
- $25M increase in existing senior debt facility, and extension to 1 October 2024
- Move is to repay maturing PPCHA Bonds
Peet Limited (ASX: PPC) has announced the start of a “new senior unsecured notes offering to raise up to A$75 million.”
Issued without a prospectus or other disclosure documents in relation to the unsecured notes, the company said:
“In accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”), the Notes offering will only be open to eligible professional and sophisticated investors.”
“Full terms and conditions of the Notes offering will be available in the Information Memorandum that will be lodged with ASX once the terms have been finalised.”
The company also noted the memorandum “is not a prospectus or other disclosure document for the purposes of the Corporations Act,” and that the National Australia Bank will be the sole lead arranger for the Notes offering.
Peet Limited will also increase the existing senior debt facility by $25 million, and extend its existing senior debt facility to 1 October 2024.
The company said the three measures are designed to contribute towards the upcoming maturation of bonds.
“The Notes and the increase in the existing senior debt facility will be applied towards the repayment of the Company’s Series 1, Tranche 1 Peet Bonds (“PPCHA Bonds”), which mature 7 June 2021.”
“Peet’s senior debt financiers have agreed to increase the limit of the existing facilities to $175 million and to extend the expiry date of the facilities to 1 October 2024.”
Company managing director and CEO, Brendan Gore, said the move will “provide additional tenor to the Company’s debt maturity profile and reduce the Group’s cost of debt funding.”