CFS finds investors for term debt
CFS Retail Property Trust yesterday sold $450 million of four-year and six-year bonds, a rare transaction by a real-estate investment trust.The trust priced $160 million of floating-rate notes, due in May 2014, to yield 160 basis points more than the bank bill swap rate, the lead manager, ANZ, advised. It also sold $290 million of fixed-rate notes, due in May 2016, to yield 185 basis points more than the swap rate.Stockland sold A$300 million of five-year debt in December 2009, according to Bloomberg.Adelaide Airport, meanwhile, sold an extra $50 million in bonds from its September 2014 line. It sold the debt at a spread of 240 basis points to the three-month swap rate, ANZ, the lead manager, advised.