Lane Neave advises Bond Supervisor in public retail bond issue

Lane Neave has advised Public Trust in relation to a public retail bond issue by Metlifecare Limited (Metlifecare).

Metlifecare has now issued NZ$100 million of secured fixed rate bonds, exceeding its minimum target of NZ$75 million and accepting NZ$25 million of oversubscriptions.

Chief Executive Officer, Glen Sowry, said the response indicated Metlifecare’s position as a trusted company in New Zealand and reflected the strength of the company’s balance sheet.

Public Trust was appointed as Bond Supervisor and New Zealand Permanent Trustees Limited, a wholly-owned subsidiary of Public Trust, was appointed as security trustee for the Metlifecare banking syndicate and bondholders.

Metlifecare, one of the largest retirement village operators and developers of retirement villages in New Zealand, will use the funds to repay a portion of existing bank debt and to provide diversity of funding and tenor.

Lane Neave Banking and Finance Partner, Evelyn Jones, led the firm’s team which included Senior Solicitor, Jacob Nutt.

Commenting on the deal, Evelyn Jones said: “We are very pleased to draw on our expertise and work alongside Public Trust and its Corporate Trustee Services team in helping Metlifecare bring the bonds to market.”

Metlifecare was advised by Chapman Tripp.

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