Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

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Credit

On the 20th of June 2017, Peet Limited (ASX Code: PPC) announced a new issue, Peet Bonds 2 (Prospective ASX Code: PPCHB). This is Peet’s second series of bonds under the prospectus and is expected to be issued on the 5th of July 2017. The offer size is guided to be $50 million with Peet retaining the ability to raise more or less. The proceeds from the transaction will be used to reduce bank debt, strengthen the group’s balance sheet and create flexibility to support its growth objectives.The bonds are structured as simple corporate bonds meaning they have no optionality for the issuer to call the notes prior to maturity and interest payments are mandatory. To qualify as a simple corporate bond this security has met specific legal eligibility requirements on the issuer and the security. The bonds are protected by event of default conditions which give the holder the right to recover any unpaid principal or interest subject to issuer solvency. The simple corporate bond regime does not allow noteholders to be subordinated to unsecured creditors. The notes are guaranteed by a number of Peet subsidiaries.Interest will be paid on a quarterly basis based on a calculation equal to 90-Day BBSW plus an interest margin guided to be in the range of 4.65 – 4.75% p.a. set through the bookbuild. The bond may only be redeemed by the issuer on its legal final maturity date (5 October 2022) or when a Tax Event, Change of Control Event or a Clean Up Condition exists.

On the 20th of June 2017, Peet Limited (ASX Code: PPC) announced a new issue, Peet Bonds 2 (Prospective ASX Code: PPCHB). This is Peet’s second series of bonds under the prospectus and is expected to be issued on the 5th of July 2017. The offer size is guided to be $50 million with Peet retaining the ability to raise more or less. The proceeds from the transaction will be used to reduce bank debt, strengthen the group’s balance sheet and create flexibility to support its growth objectives.The bonds are structured as simple corporate bonds meaning they have no optionality for the issuer to call the notes prior to maturity and interest payments are mandatory. To qualify as a simple corporate bond this security has met specific legal eligibility requirements on the issuer and the security. The bonds are protected by event of default conditions which give the holder the right to recover any unpaid principal or interest subject to issuer solvency. The simple corporate bond regime does not allow noteholders to be subordinated to unsecured creditors. The notes are guaranteed by a number of Peet subsidiaries.Interest will be paid on a quarterly basis based on a calculation equal to 90-Day BBSW plus an interest margin guided to be in the range of 4.65 – 4.75% p.a. set through the bookbuild. The bond may only be redeemed by the issuer on its legal final maturity date (5 October 2022) or when a Tax Event, Change of Control Event or a Clean Up Condition exists.

Australia

Lendlease Group designs, develops, and manages property and infrastructure assets. The Company constructs apartments, commercial buildings, government offices, retirement living, and educational facilities. Lendlease serves customers worldwide.

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Lendlease Group (LLC AU)

New Issue: Peet Bonds 2

On the 20th of June 2017, Peet Limited (ASX Code: PPC) announced a new issue, Peet Bonds 2 (Prospective ASX Code: PPCHB). This is Peet’s second...

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