Chicago, March 7 – CIP Funding Pty Ltd. issued A$300 million 3.95% guaranteed exchangeable notes due 2028 at par, according to an offering document.
The notes are guaranteed by Centuria Property Funds No. 2 Ltd.
Holders have the option to exchange their notes starting April 12 until 10 calendar days before the maturity date, with the issuer allowed to settle the exchange in cash.
The notes are redeemable at par starting March 16, 2026, subject to a 130% hurdle.
BofA Securities and Morgan Stanley worked as joint lead managers for the Regulation S issue.
Proceeds will be used to repay existing debt and for general corporate purposes.
The notes are listed in Singapore.
CIP is an externally managed real estate investment trust based in Sydney, Australia.
| Issuer: | CIP Funding Pty Ltd.
|
| Guarantor: | Centuria Property Funds No. 2 Ltd.
|
| Amount: | A$300 million
|
| Issue: | Exchangeable notes
|
| Maturity: | March 2, 2028
|
| Bookrunners: | BofA Securities and Morgan Stanley
|
| Trustee: | DB Trustees (Hong Kong) Ltd.
|
| Counsel to issuer: | Ashurst Australia
|
| Counsel to underwriters: | King & Wood Mallesons and Linklaters
|
| Coupon: | 3.95%
|
| Price: | Par
|
| Yield: | 3.95%
|
| Conversion price: | A$4.1625
|
| Call features: | At par starting March 16, 2026, subject to 130% hurdle
|
| Change of control: | At par
|
| Trade date: | Feb. 27
|
| Settlement date: | March 2
|
| Distribution: | Regulation S
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| Stock symbol: | ASX: CIP
|
| Stock price: | A$3.26 on Feb. 27
|
| Market capitalization: | A$2.06 billion
|
| ISIN: | XS2589248942
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