Partial Cancellation of Bank Facility, Bond Hedging

PARTIAL CANCELLATION OF BANK FACILITY, BOND HEDGING NZX listed industrial property landlord Property for Industry Limited (PFI, the Company) has announced that, following today's allotment of $100 million of senior secured fixed rate 7-year bonds, the Company has cancelled $100 million of bank facilities that were due to expire on 4 May 2020. Post the allotment of the bonds and partial cancellation of the bank facilities, the weighted average term to expiry of PFI's bonds and bank facilities has increased to 4.1 years as at today's date, as illustrated in the graph below (see attachment). PFI also confirmed that the bonds issued today were swapped back to float interest rates via fixed rate receiver swaps. Further details of PFI's bonds can be found at www.pfibondoffer.co.nz. ENDS ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI's nationwide portfolio of 93 properties is leased to 146 tenants. For further information please contact: SIMON WOODHAMS General Manager --- Phone: +64 9 303 9652 Email: woodhams@pfi.co.nz --- CRAIG PEIRCE Chief Financial Officer and Company Secretary --- Phone: +64 9 303 9651 Email: peirce@pfi.co.nz --- Property for Industry Limited Shed 24, Prince's Wharf, 147 Quay Street, Auckland 1010 PO Box 1147, Shortland Street, Auckland 1140 --- www.propertyforindustry.co.nz End CA:00324642 For:PFI Type:GENERAL Time:2018-10-01 08:47:48