St Laurence Property & Finance (SLP&F) today opened its $25 million bond offer.
The offer will close on March 31.
The bonds will have a fixed interest rate of 9.25 per cent and a maturity date of May 15 2011.
The bonds have a minimum principal investment of $5000 and,thereafter, multiples of $1000, with interest to be paid quarterly.
SLP&F said it had reserved the right to accept over-subscriptions of up to an additional $25 million.
Chief executive John Mallon said proceeds from the bond offer would mainly be used to fund the group's property investments.
Earlier this year, the group raised $30 million through a bond issuance.
"We have decided to go back to the bond market to take advantage of market opportunities and to meet the current demand for investment product," Mr Mallon said.
SLP&F has applied to list the bonds on the stock exchange's debt market, the NZDX.
First NZ Capital has underwritten the offer for $20 million.
SLP&F is a wholly-owned subsidiary of St Laurence Holdings Limited.
