Wednesday 17 June 2015 by Alen Golubovic Trade opportunities

W.A. Stockwell launches a $35m fixed rate bond issue

THIS CONTENT IS SUITABLE FOR WHOLESALE INVESTORS ONLY

W.A. Stockwell Pty Ltd the parent company of the Stockwell Property Group, a Queensland based diversified property group, launched a new fixed rate deal through FIIG Securities. The notes are senior secured and amortising with a six year final maturity and pay interest of 7.75% p.a.They are available to wholesale investors only with a minimum subscription of $50,000

WA Stockwell developed West End

The issuer

W.A. Stockwell (WAS) is a Queensland based diversified property group with over 60 years of experience in property development, property investment and design & construction across the residential, retail and commercial property sectors.

WAS has three business units: 

  1. Investment - that owns and manages their portfolio of investment properties
  2. Development
  3. Operations - comprising development management, property management and funds management

For more information about the Stockwell Group please visit their website.

WAS has interests in three regional and neighbourhood shopping centres in Queensland with a total market value of $111m. The overall weighted average lease expiry (WALE) of the retail portfolio is 7.4 years.

WAS has developed approximately $750m in residential, retail and commercial property over the last 12 years and currently has a development pipeline of over $400m. The issuer also provides property and funds management services for properties owned by third parties.

The two directors and shareholders of WAS together with their senior management team have a strong track record in property.

The offer

W.A. Stockwell Pty Ltd (ABN 50 010 095 360) (“WAS”) to issue $35,000,000 senior secured Australian Dollar Fixed Rate Notes (“Notes”)

WAS has today launched the issue of a six year, senior secured fixed rate note issue (“Notes”) with a fixed interest rate of 7.75% per annum, payable quarterly in arrear, available exclusively though FIIG Securities Limited (“FIIG”). The Issuer is seeking to raise A$35,000,000 to repay existing debt and for general corporate purposes. The Issuer will not accept oversubscriptions above $35,000,000.

Subject to certain conditions, the Notes will amortise by $5m p.a. on each anniversary commencing on the 2nd (June 2017) and ending on the 5th anniversary (June 2020).

The Notes also benefit from a range of covenants limiting the gearing at both the Issuer and Group level and ensuring minimum interest cover ratios.

The Notes will not be listed on the ASX.

For more information or to apply for this offer, please contact your FIIG Representative or call us on 1800 01 01 81. 

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