SMSFs targeted with $60m corporate bond offering
Fixed income broker FIIG Securities has been appointed as lead arranger for the transaction of a $60 million unsecured corporate bond offering aimed at SMSFs, private investors and financial planners.
The bond offering is being undertaken by consumable product provider McPherson’s Limited and will comprise two tranches, including $30 million worth of four-year floating rate bonds with a 2019 maturity and $30 million worth of six-year flat rate bonds with a 2021 maturity.
McPherson’s managing director Paul Maguire said the bond offering will only be available to eligible professional and sophisticated investors.
“We are pleased with the terms of the offering given the various benefits derived for McPherson’s, including greater financial flexibility, extended tenure, diversification and a broadening of our capital base,” said Mr Maguire.
FIIG Securities chief executive Mark Paton said the company was pleased to assist McPherson’s to diversify and lengthen the duration of its debt funding.
“This is our first multi-tranche bond issue with different tenors and [it is] also offering investors the option to invest in fixed and/or floating rate bonds, in another positive development for the expanding Australian bond market for midsized corporates,” said Mr Paton.