FIIG announces bond issue aimed at SMSFs
Residential property developer Sunland Group is undertaking a $40 million bond issue of five-year fixed-rate notes, arranged by FIIG Securities, aimed at private investors and SMSFs.
According to FIIG Securities, the Sunland Group senior unsecured notes will pay an indicative interest rate of 7.55 per cent.
“They will have a minimum initial investment of $50,000 at issue and will be distributed to new and existing FIIG Securities clients who qualify as sophisticated or professional investors,” the firm said.
FIIG Securities chief executive Mark Paton said Australian SMSF investors have an unmet demand for fixed-income investments offering good income streams.
"Sunland is a quality Australian company and the opportunity to lend to an established business at more than 7 per cent will no doubt be attractive to a wide range of investors, including SMSFs and the clients of financial planners,” said Mr Patron.
Sunland Group managing director Sahba Abedian said the note issue represents further strengthening and diversity across Sunland’s capital management initiatives, providing the company with access to debt capital markets.
“The note issue, together with Sunland’s existing banking arrangements, will assist in funding the Group’s current pipeline of land, residential housing and multi-storey developments and provide working capital for other opportunities Sunland may pursue in the future,” Mr Abedian said.
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Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.