Sunday, 24 February 2019


OFFER: KPG: Bond offer - interest rate confirmed

12 Dec 2017 13:39NZX
Following the successful bookbuild process for the bond offer, Kiwi Property
Group Limited (Kiwi Property) confirmed today that the offer has closed and
Kiwi Property has accepted $50 million of oversubscriptions.  As a result,
$125 million of bonds have been allocated to the participants (or their
clients) in the bookbuild process.  There was no public pool for the offer.

The interest rate for the fixed-rate senior secured bonds will be 4.33 per
cent per annum, which reflects a margin of 1.45 per cent over the seven-year
swap rate.  The bonds will be issued on 19 December 2017 and will mature on
19 December 2024.  The bonds are expected to be quoted on the NZX Debt Market
on 20 December 2017.

The bonds are expected to be assigned an issue credit rating of BBB+ by S&P
Global Ratings [NOTE 1].  Kiwi Property''s current corporate credit rating is
BBB (stable).

An updated terms sheet for the issue will be released separately.

For further information please contact:

Joint Lead Managers

Deutsche Craigs Limited
0800 226 263

Westpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch)
800 942 822


Bank of New Zealand
0800 284 017

Forsyth Barr Limited
0800 367 227

NOTE 1: Further information about S&P Global Ratings'' credit rating scale is
available at A rating is not a recommendation by
any rating organisation to buy, sell or hold Kiwi Property securities. The
rating is current as at the date of this announcement and may be subject to
suspension, revision or withdrawal at any time by S&P Global Ratings.

> Ends


Gavin Parker
Chief Operating Officer
+64 9 359 4012

Stuart Tabuteau
Chief Financial Officer
+64 9 359 4025

Kiwi Property (NZX: KPG) is the largest listed property company on the New
Zealand Stock Exchange and is a member of the S&P/NZX 15 Index.  We''ve been
around for more than 20 years and we proudly own and manage a $2.9 billion
portfolio of real estate, comprising some of New Zealand''s best shopping
centres and prime office buildings.  Our objective is to provide investors
with a reliable investment in New Zealand property by targeting superior
risk-adjusted returns over time through the ownership and active management
of a diversified, high-quality portfolio.  S&P Global Ratings has assigned
Kiwi Property a corporate credit rating of BBB (stable) and an issue credit
rating of BBB+ for each of its existing fixed-rate senior secured bonds.
Kiwi Property is licensed under the Real Estate Agents Act 2008.  To find out
more, visit our website
End CA:00311793 For:KPG    Type:OFFER      Time:2017-12-12 13:39:48
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