New Zealand: Arvida sells NZ$125m debt

Aria Park, Auckland

Retirement home operator Arvida has followed the other aged care operators in New Zealand and turned to the debt markets to raise funds.

It sold NZ$125m (US$90.3m) seven-year fixed-rate debt at 2.87%.

Arvida chief executive Bill McDonald said he was very pleased with the broad support for the offer that culminated in strong demand being received for the company’s inaugural bond issue.

There was no public pool for the offer.

Arranger for the deal was ANZ and joined as joint lead manager by Craigs Investment Partners, Forsyth Barr and Jarden.