Australian Unity bond not so simple
Australian Unity is in the market to sell around A$200 million in ASX-listed unsubordinated and unsecured bonds from retail investors. The minimum amount sold will be $50 million.Australian Unity will use the funds, in part, to help fund the purchase of Home Care NSW.A bookbuild is underway to set the margin, likely to be in the range from 2.8 per cent to 2.9 per cent.Australian Unity said Australia Ratings rated the bonds at BBB+, consistent with the rating on an earlier bond series.National Australia Bank, one of the joint leads, wrote in a media release that this was "the inaugural Simple Corporate Bond" and "the first offered under the new simple corporate bond legislation enacted late last year."Under a more literal view Primary Healthcare earned the relevant accolade in September 2010, albeit under an earlier version of the short-form prospectus for plain vanilla, senior corporate bond. Tatts Group became the second company to use the short-form prospectus, in May 2012.