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Slow progress with Metropolis repayments

Investors holding the Metropolis property bonds are learning that they sit at the back of the repayment queue.

Tuesday, September 11th 2001, 7:05AM

Tower Trust general manager Glenn Clark has written to the 1700 investors, who hold $21 million worth of bonds, to give them some good and some bad news.

The good news is that another $6.6 million worth of apartments have been sold recently. The bad news is that all the proceeds of those sales (after commissions) is being used to repay first mortgage holder ANZ Bank.

Clark told bondholders that the rescue process is difficult as Tower, as trustee, can't take any enforcement action against the owner of Metropolis until ANZ is repaid in full.

It is unknown exactly how much ANZ is owed, but the figure is estimated to be around $10 million.

Clark has assured investors that rescue package was coming together.

"Krukziener has presented a proposal to us that is intended to recover as much of your investment as possible.

"Following significant negotiation and progress the key terms of the proposal are worthy of your consideration, but there are two significant items to finalise before the proposal can be documented and presented to you," he says.

The two issues were that the first mortgage needed to be extended, or the developer has find a new lender to replace the ANZ.

Then a new prospectus is required to accommodate the proposal.

Clark says Tower is not involved in the first mortgage refinancing process, however Krukziner is keeping the trustee informed.

"We can confirm that he is working hard to secure a stable financial arrangement that will facilitate property sales in an orderly fashion. Such funding is critical to the proposal and its related prospectus."

Clark says Krukziener is confident that appropriate first mortgage finance will be secured and a prospectus written by mid-October.

Bondholders are likely to get to vote on the proposal in late October.

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Lender Flt 1yr 2yr 3yr
ANZ 5.59 4.75 4.95 5.15
ANZ Special - 4.25 4.45 -
ASB Bank 5.65 4.69 4.99 5.29
ASB Bank Special - 4.29 4.49 4.79
BankDirect 5.65 4.69 4.99 5.29
BankDirect Special - 4.29 4.49 4.79
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.29 4.45 4.65
BNZ - Std, FlyBuys 5.64 4.85 4.95 5.15
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.75 ▲4.99
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.25 4.70 4.75 4.75
Kiwibank - Capped - - - -
Kiwibank - Offset 5.25 - - -
Kiwibank Special - 4.19 ▲4.39 ▲4.75
Liberty 5.69 - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.45 4.69 4.75 ▲5.00
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.39 ▲4.75
Perpetual Trust 7.70 - - -
Resimac 5.19 4.94 4.90 4.91
SBS Bank 5.54 4.75 4.89 4.99
SBS Bank Special - 4.25 4.29 4.35
Sovereign 5.75 4.69 4.99 5.29
Sovereign Special - 4.29 4.49 4.79
The Co-operative Bank 5.45 4.39 4.45 4.79
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.65 4.79 4.90 5.09
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.25 ▲4.39 ▲4.75
Median 5.65 4.69 4.75 4.95

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