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PEET LIMITED Capital/Financing Update 2017
65600_rns_2017-06-19_3dcb5191-628c-424f-a5f7-4ab1aecff434.pdf
Capital/Financing Update
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20 June 2017
Peet announces the issue of new Bonds
Peet Limited ("Peet") today announced the launch of new unsecured debt securities called Series 2, Tranche 1 Peet Bonds (the "2017 Peet Bonds") ("Offer").
Peet is seeking to raise $50 million under the Offer, by issuing 500,000 Bonds with a Face Value of $100 per 2017 Peet Bond. Funds raised under the Offer will be used by Peet for general corporate purposes including to reduce its bank facility limit, to increase the weighted average maturity of Peet's debt further strengthening the Peet Group's balance sheet and to support its growth objectives.
Application has been made for the 2017 Peet Bonds to be quoted on the ASX under the code "PPCHB".
The sole Arranger and Lead Manager to the Offer is National Australia Bank.
The Offer comprises:
- Broker Firm Offer to Australian resident retail clients of a Syndicate Broker invited to participate through the Broker Firm Offer; and
- Institutional Offer to Institutional Investors who were invited by the Lead Manager to bid for the 2017 Peet Bonds
(together, the "Eligible Participants").
No general public offer of 2017 Peet Bonds will be made.
Peet Managing Director and Chief Executive Officer, Mr Brendan Gore, said the Offer represented an opportunity for Peet to take advantage of demand from capital markets to further diversify its debt capital structure.
"This facility enables both institutional investors and retail clients of a Syndicate Broker to participate in the Offer and assists Peet to diversify its corporate debt structure and increase the average maturity date of its borrowings," said Mr Gore.
Key terms of the Offer
The Offer is being made under an Offer Specific Prospectus lodged with the Australian Securities and Investments Commission ("ASIC") on 20 June 2017 and a Base Prospectus dated, and lodged with ASIC on, 2 May 2016 (together, the "Offer Documents").
Eligible Participants should read the Offer Documents carefully and in their entirety, including, the key risks sections of the Offer Documents which set out some of the key risks associated with an investment in the 2017 Peet Bonds and Peet's business, before making a decision to invest in the 2017 Peet Bonds.
Some of the key terms of the 2017 Peet Bonds include:
- To be listed on ASX (code: PPCHB);
- Face value of $100 per Bond;
- Interest paying, unsubordinated and unsecured debt obligations issued by Peet;
- Variable interest rate, with the Margin over the BBSW Rate to be determined following the Bookbuild, payable quarterly in arrears; and
- Term of 5 and a quarter years, maturing 5 October 2022.
A copy of each Offer Document can be accessed online at www.peet.com.au/peetbonds and has also been lodged with ASX.
A replacement Offer Specific Prospectus, which will include the Margin and application form is expected to be lodged with ASIC on 22 June 2017.
The 2017 Peet Bonds are expected to commence trading on ASX on a normal settlement basis on Wednesday, 10 July 2017, as per the key dates of the Offer shown at Annexure A.
Capitalised terms in this release have the meaning given to them in the Offer Documents, unless otherwise specified.
Further information
For further information please contact the Peet on +61 8 9420 1111 Monday to Friday – 9.00am to 5:00pm (Perth time).
For investor inquiries, call: Brendan Gore Managing Director and Chief Executive Officer Peet Limited (08) 9420 1111
For media inquiries, call: Louisa Mitchell or Jacqui Schofield Mills Wilson (08) 9421 3600 Louisa: 0434 308 208 [email protected] Jacqui: 0418 158 378 [email protected]
ANNEXURE A
| Key dates for the Offer1 | |
|---|---|
| Lodgement of original Offer Specific Prospectus with ASIC | Tuesday, 20 June 2017 |
| Bookbuild to determine Margin and Allocations to Syndicate Brokers & InstitutionalInvestors | Wednesday, 21 June 2017 |
| Offer Opening Date & lodgement of replacement Offer Specific Prospectus with ASIC | Thursday, 22 June2017 |
| Closing Date for the Broker Firm Offer | Wednesday, 28 June 2017 |
| Issue Date | Wednesday, 5 July 2017 |
| Holding Statements despatched by the Registry | Friday, 7 July 2017 |
| Bonds commence trading on ASX on normal settlement basis | Monday, 10 July 2017 |
| First Interest Payment Date2 | Thursday, 5 October 2017 |
| Maturity Date | Wednesday, 5 October 2022 |
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These dates are indicative only and may change without notice
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Interest is scheduled to be paid quarterly on the Interest Payment Dates, until the Maturity Date or any earlier Redemption Date. If any of these scheduled dates is not a Business Day, then the Interest Payment Date will be subject to the Business Day Convention in the Base Terms. The first Interest Payment Date will be Thursday, 5 October 2017 and subsequent Interest Payment Dates will be 5 January, 5 April, 5 July and 5 October in each year to and including the Maturity Date.