Bridgecorp Notes Issue Already Over-Subscribed
February 26, 2001
A $10 million capital notes issue from Auckland financier and investment banker Bridgecorp Holdings Limited has been over-subscribed and is being extended till the end of March.
The pre-Christmas issue was made in two equal tranches of $5 million, one with an initial term maturing in October 2002 and the second maturing in December 2003. Provision was made for over-subscriptions of $5 million in each tranche.
Managing director, Rod Petricevic said the support from investors was extremely heartening. As a response to requests from brokers and their clients, the issue would now stay open till March 31 or when $20 million was raised, whichever came first.
The additional capital raised by the issue would enable Bridgecorp to further grow its finance book, he said. The company now has assets in excess of $200 million.
Following last October’s agreement with Lloyds of London for insurance cover of Bridgecorp’s new mortgages, a large percentage of the mortgage book was now covered.
“We have reached this target much sooner than planned,” he said. “This cover substantially derisks the loan portfolio and gives us further potential for growth.”
All brokers had been advised of the new closure date for the capital notes issue.