360 Capital Group advised the Australian Securities Exchange yesterday of its intention to sell A$50 million to A$75 million of five-year unrated and unlisted bonds to sophisticated investors. The bond issue is being led by FIIG Securities, its second such transaction in as many weeks.Last week, Coffey International Limited announced a $40 million issue of five-year floating rate notes, led by FIIG.360 Capital Group was formed from a scrip-based acquisition of 360 Capital Property Group by Trafalgar Corporate Group Limited in September last year. The group describes itself as property and funds managers and has assets totalling $330 million, of which $203 million are investment properties.Shareholders' funds total $217 million, including $74 million of minority interests and the new group reported a net profit of $28 million for the year ended June 30.While the bonds are described as being senior ranking and unsecured, bondholders will rank behind the $109 million of secured debt facilities provided by National Australia Bank.No pricing was indicated for the bonds, which can be called at the end of year three and year four.Proceeds from the issue will be used primarily to acquire the 360 Capital Diversified Property Fund. Given that NAB was the lead arranger of a similar bond issue by NEXTDC Limited earlier this year, it is interesting that it has opted not to participate in this transaction.