Pub landlord ALE Property Group advised of its intention to issue A$100 million of ALE Notes 2. There is already an issue of ALE Notes listed on the ASX that is due to mature in September 2011.The ALE Notes 2 are unsecured, subordinated securities that will have a 4.5-year term to maturity, with ALE having the option of extending the maturity by up to a further two years. If ALE extends by one year the bonds will be redeemed at A$101 and at A$102 if the maturity is extended by two years.The floating rate notes are being offered with a margin of 400 basis points to 420 bps over bank bills, with the actual margin to be determined after a bookbuild on Wednesday. ALE advised the ASX that it already has commitments from institutional investors totalling A$58 million and existing ALE note holders have the option of having their notes redeemed at A$102.5 and subscribing for ALE Notes 2. The issue will open on April 1 and close on or before April 27. The notes and ALE are unrated.