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New Issue: Qube Subordinated Notes

On the 30th of August 2016 Qube Holdings Limited (QUB) announced a new transaction, Qube Subordinated Notes (Prospective ASX Code: QUBHA). The purpose of this transaction is to provide funding for the group but also to help fund the partial acquisition and development of the Moorebank Intermodal Freight Precinct. The indicative size of the offer is $200 million but Qube retain the ability to change the issue size.

 

These securities are structured as subordinated, unsecured notes. Interest payments cannot be deferred otherwise this will constitute an event of default. Qube has appointed a trustee who holds the right to act on behalf of securityholders to enforce any obligations of Qube under the terms and trust deed.

 

Distributions will be paid on a quarterly basis based on a calculation equal to 90-Day BBSW plus a margin. The margin will be set at book build with the current guidance range being [3.90 – 4.10%].

 

Qube Holdings (ASX: QUB) is a diversified logistics group that owns, operates and develops key infrastructure in Australia’s supply chain with the objective of identifying and addressing inefficiencies in import-export logistics.

 

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