Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fernz Launches $210 Million Capital Note Issue

Fernz launches $210 million capital note issue

Nufarm subsidiary Fernz Corporation (NZ) Limited has launched a $NZ210 million capital note issue in New Zealand and Australia.

The notes are unsecured, subordinated, fixed interest debt securities of Fernz Corporation (NZ) Limited and carry a limited guarantee from Fernz’s 100 per cent shareholder, Nufarm Limited.

Interest on the Fernz capital notes will be paid at the greater of either 8.5 per cent per annum, or the 5-year swap rate plus 1.85 per cent per annum, or any higher rate that Fernz sets no later than one business day after the offer closes. Interest will be denominated and payable in New Zealand dollars.

Nufarm said that NZ$170 million of the issue had been reserved for existing Fernz capital notes holders who wish to exchange existing notes, issued in 1996, for new capital notes. Nufarm shareholders will be given a preferential opportunity to subscribe for any of the reserved NZ$170 million not taken by holders of existing Fernz capital notes.

The notes are being issued for NZ$1 each in minimum NZ$5000 amounts and thereafter in multiples of NZ$1000. There is provision for up to NZ$40 million in oversubscriptions. The offer is expected to close on Monday 17 December 2001.

Funds raised will be used to refinance the existing capital notes and to provide additional working capital for the Nufarm group.

Applications for the Fernz capital notes can be made only by using the application form contained in the offer document, which has been registered in New Zealand and lodged with the Australian Securities and Investments Commission. The offer is being co-managed by UBS Warburg New Zealand Equities Limited and Credit Suisse First Boston NZ Securities Limited.

For further information, please contact: Robert Reis Group General Manager Corporate Affairs Nufarm Limited Phone: 613-9282-1177 email: robert.reis@au.nufarm.com


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO:

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO:

Oxfam: Drug Companies Cheating Countries Out Of Billions In Tax

Oxfam’s analysis suggests these four companies are shifting profits out of countries where they do their business and into tax havens that charge little or no tax. More>>