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Bridgecorp To Issue $10 Million Of Capital Notes

Auckland financier and investment banker, Bridgecorp Holdings Limited, is going to the market for $10 million worth of Capital Notes.

The issue will be in two equal tranches of $5 million, one with an initial term of two years maturing in October 2002 and the second, for three years maturing in December 2003. Interest will be at 11.5% and 12.0% per annum respectively.

The Capital Notes are fully subordinated unsecured debt securities, having a minimum subscription requirement of $5,000 with subsequent increments of $1,000.

Managing director, Rod Petricevic said the additional capital raised by the issue will enable Bridgecorp to significantly grow its finance book. The Company’s lending is targeted to the short term bridging and project finance markets with the majority of loans secured over real estate for terms averaging between six and 12 months. Bridgecorp’s finance book now exceeds $100 million.

Mr Petricevic also announced that the company had arranged insurance cover of new mortgages with Lloyds of London - “we will apply this policy to all new loans and we would expect this to cover almost all lending by next August.”

“The effect of the cover is to ensure that potential losses from defaulting borrowers are minimized. Lloyds will meet up to the first 75% of principal loss. That benefit flows through to all capital providers to the company including shareholders, Debenture holders and Capital Note investors.

“The insurance cover will significantly derisk our mortgages. While we have had only minimal defaults in the past, this cover will give further confidence to our many hundreds of investors whether they hold shares or debentures,” said Mr Petricevic.

Lloyds has an A+ Standard and Poors rating.

A prospectus for the Capital Notes has been sent to the Companies Office for registration and the company expects Investment Statements to be available next week.

ENDS

For further information:
Rod Petricevic
Tel: (09) 307-6789 or c/- (025) 428-217

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