On the 3rd of May 2016 Peet Limited (ASX Code: PPC) announced a new issue, Peet Notes. The size of the offer is indicated at $75 million but will change based on demand. The purpose of this transaction is to help refinance the existing Peet 9.5% Convertible Notes (ASX Code: PPCG) while further diversifying and increasing the average maturity of Peet’s debt profile. The proceeds will also be used for general corporate purposes.
Peet Limited is Australia’s largest pure-play residential land developer. The group embarks on projects targeted at low and middle market segments and funded by either external investors’ equity (syndicated or joint venture projects) or by the group’s own capital and credit lines. Peet currently manages 70 projects and its strong performance over recent years is attributable to its high margin Funds Management.
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Source: ASX and Peet Limited