Summerset eyes retail bond offer to refinance debt

Summerset Group Holdings (NZX:SUM) announced today it is considering a retail bond offer with a six-year term, aimed at both institutional and retail investors within New Zealand. The bonds will feature unsubordinated obligations and a guarantee and security package from the Summerset guaranteeing group. The proceeds will be used to repay existing drawn bank debt of the Summerset Group. This will then enable the company to utilize bank debt to repay its existing NZ$125 million bonds (NZX: SUM020) due to mature on September 24, 2025. ANZ Bank New Zealand Limited has been appointed as the Arranger, with ANZ, Commonwealth Bank of Australia, Craigs Investment Partners Limited, and Forsyth Barr Limited serving as Joint Lead Managers. The new bonds are expected to be quoted on the NZX Debt Market under the ticker SUM060.