Mirvac Issues $200 Million Medium Term Notes

Mirvac is pleased to announce the issue of A$200 million of seven year Medium Term Notes (“MTN") under its Medium Term Note Program. The issue was more than two and a half times oversubscribed with the issuance subsequently increased to $200 million. The bonds will pay a fixed coupon of 3.5 per cent.

Mirvac’s Chief Financial Officer, Shane Gannon, said, “We are very pleased with the strong support we received from our domestic and international debt investors with 42 per cent of bids coming from offshore. 

“This issuance reflects the ongoing execution of our capital management strategy to diversify the Group’s sources of funding and will see our 30 June 2016 pro forma weighted average debt maturity increase to above 5.7 years. This issuance, along with our recent US Private Placement, has seen the Group successfully price $736 million of long-term debt with terms of 7 – 15 years.” 

Mirvac is rated Baa1 by Moodys and BBB+ by Standard and Poor’s.