Precinct secures long term funding via USPP issue

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 11 April 2019
Precinct secures long term funding via USPP issue
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce today
that it has borrowed US$110 million (NZ$162.8 million) for 10 and 12 year terms through a United
States Private Placement (USPP) issue.
The USPP issuance comprised 2 tranches, a US$80 million 10 year note with a coupon of 4.28%
and a US$30 million 12 year note with a coupon of 4.38%. To remove all currency risk the
proceeds have been fully swapped back to New Zealand dollars.
Richard Hilder, Precinct’s CFO said, “This is the second successful USPP issue Precinct has
undertaken since late 2014. This transaction demonstrates the strong demand from US
investors and further reinforces investor confidence in the quality of our business.”
“Consistent with our proactive approach to capital management, long term funding via the
USPP market has been secured at very competitive pricing levels. The USPP issuance continues
to add valuable funding diversity to Precinct’s borrowings, increasing the weighting of non-
bank funding while also improving tenor.”
The proceeds of the issue will be used to repay bank debt and will increase the weighted
average debt maturity profile from 3.4 years to 4.7 years. The weighted average term
remaining on secured drawn debt also extends significantly, from 3.6 years to 6.7 years.
Ends

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
For further information, please contact:
Scott Pritchard
Chief Executive Officer
Office: +64 9 927 1640
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Chief Operating Officer
Office: +64 9 927 1641
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Office: +64 9 927 1645
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s PwC Tower, AMP Centre, ANZ Centre (50%), Zurich House, HSBC House, Mason Bros.
Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and Wellington’s AON
Centre, Dimension Data House, No. 1 and No. 3 The Terrace, Pastoral House, Mayfair House
and Bowen Campus.