Tuesday, 19 February 2019


OFFER: KPG: Bond offer

04 Dec 2017 09:41NZX
Kiwi Property Group Limited (Kiwi Property) confirmed today that it is
offering up to $75 million (plus up to $50 million of over-subscriptions) of
seven-year fixed-rate senior secured bonds maturing on 19 December 2024 to
institutional and New Zealand retail investors.

The offer opens today and will be made pursuant to the Financial Markets
Conduct Act 2013 as an offer of debt securities of the same class as existing
quoted debt securities.  The notice required by the Financial Markets Conduct
Regulations 2014 has been provided to NZX and is attached.

The bonds are expected to be quoted on the NZX Debt Market.  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).

Full details of the bond issue are contained in the terms sheet which has
been prepared for the offer and is also attached, as is an investor
presentation on the bond offer.
The offer will open with an indicative margin range of 1.45 per cent to 1.55
per cent, subject to a minimum interest rate of 4.25 per cent. An
announcement of the actual margin (which may be above or below the indicative
margin range mentioned above) and the actual interest rate on the bonds will
be made following the bookbuild process, expected to be on 12 December 2017.
The terms sheet will be updated to include the margin and the interest rate
and will be released on the same day.

There is no public pool for the offer, with all the bonds being reserved for
clients of Deutsche Craigs Limited, Westpac Banking Corporation (ABN 33 007
457 141) (acting through its New Zealand branch) (as Joint Lead Managers),
Bank of New Zealand and Forsyth Barr Limited (as Co-Managers), NZX
participants and other approved financial intermediaries.  The offer will
close on 12 December 2017.

Interested investors should contact the Joint Lead Managers, Co-Managers or
their usual financial adviser for more details.

For further information please contact:


Deutsche Craigs Limited
0800 226 263

Westpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch)
0800 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 www.standardandpoors.com. 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 $3.1 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 kp.co.nz
End CA:00311357 For:KPG    Type:OFFER      Time:2017-12-04 09:41:09
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