Financing and Balance Date Change Update

NZX and media
announcement
—
4 June 2024

Page 1

FINANCING AND BALANCE DATE CHANGE
UPDATE
Property for Industry Limited (PFI, the Company) is pleased to provide an update on the Company’s
financing and to confirm the Company’s balance date change.

$50 million CBA 7-Year Facility, $25 million PGIM, Inc 8.5 Year Drawdown
PFI is pleased to announce the establishment of a $50 million 7-year loan facility with the Company’s
long-term banking partner, the Commonwealth Bank of Australia (CBA).

PFI also announces that it will make a second $25 million drawdown on the Company’s Note Purchase
and Private Shelf Agreement with PGIM, Inc (also known as Pricoa) on 2 July 2024. The drawdown will
be for 8.5-years and is on a float-rate basis, with the margin fixed for the duration of the drawdown.

Concurrent with the establishment of the CBA facility and PGIM, Inc drawdown, PFI will repay and cancel
$75 million of the Company’s Bank of New Zealand facility, which expires on 31 March 2025, reducing
that facility to $25 million.

PFI’s financing facilities, as at 2 July 2024, are detailed in the table below:

Bond / bank facility Expiry Amount
PGIM, Inc Drawdown January 2033 $25M
CBA Bank Facility May 2031 $50M
PGIM, Inc Drawdown December 2029 $25M
CBA Term Loan April 2028 $125M
Westpac 4-yr Green Loan Facility July 2027 $75M
BNZ 4-yr Green Term Loan July 2027 $25M
ANZ & CBA 3-yr Green Loan Facility July 2026 $50M
Syndicated Bank Facility July 2026 $150M
PFI020 Bond October 2025 $100M
Syndicated Bank Facility July 2025 $150M
BNZ Bank Facility March 2025 $25M
PFI010 Bond November 2024 $100M
Weighted average expiry: 2.5 years Total: $900M

PFI Chief Finance and Operating Officer, Craig Peirce, notes: “We are very pleased to have secured
additional long-term funding. The combination of the establishment of the new CBA facility, second
Pricoa drawdown and the cancelling down of shorter-term loans is continuing to diversify and lengthen
the tenor of PFI’s borrowings. $100 million of long-term funding has now been secured well in advance
of the maturity of the Company’s bond that matures in November of this year.”

Balance Date Change
As previously noted, subject to customary approvals, PFI intended to change the balance date for the
group of companies from 31 December to 30 June.

These approvals have now been granted, and the Company confirms that this change will take place,
with PFI’s next annual report reflecting a six-month period to 30 June 2024. Thereafter, PFI will report
interim financial statements as at 31 December and an annual report as at 30 June.

NZX and media
announcement
—
4 June 2024

Page 2


ENDS

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 92 properties is leased to
around 124 tenants.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
----
Phone: +64 21 749 770
Email: woodhams@pfi.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
----
Phone: +64 21 248 6301
Email: peirce@pfi.co.nz
----
Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street,
Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz