Centuria prices and upsizes unrated deal
- Thursday, 06 April 2017
On 5 April, unrated Centuria Capital Group (Centuria) priced a wholesale, senior-secured bond issue. According to an issuer statement lodged with the Australian Securities Exchange, the transaction was upsized from launch volume of A$50 million (US$38.2 million) and proceeds from the notes will be issued by Centuria Capital No. 2 Fund, a wholly owned subsidiary of Centuria.
John McBain, Centuria’s Sydney-based chief executive, says the deal will diversify the company’s current debt funding sources and provide additional tenure to its existing debt maturity profile. He adds that it will also “deliver increased balance-sheet flexibility to support future growth, in particular supporting our REIT co-investment programme”.
Issuer name: Centuria Capital Group
Issuer rating: NR
Issue rating: NR
Pricing date: 5 April 2017
Settlement date: 21 April 2017
Maturity date: 21 April 2021
Total volume: A$100 million
Lead manager: National Australia Bank
Fixed-rate tranche
Volume: A$60 million
Total outstanding in this line: A$60 million
Coupon rate: 7%
Issue/re-offer price: par
Issue yield: 7%
Margin to swap: 450bp/s-q
Floating-rate tranche
Volume: A$40 million
Total outstanding in this line: A$40 million
Coupon rate: 3m BBSW +450bp
Issue/re-offer price: par
Margin to swap: 450bp/3m BBSW
