Fonterra Raises $100 Million From NZ Institutions

Tuesday, 20 April 2004, 10:05 am
Press Release: Fonterra Co-operative Group Ltd

Fonterra Raises Nzd100 Million From New Zealand Institutions

Fonterra Co-operative Group Ltd has raised NZD100 million in medium-term debt from New Zealand institutions.

The issue of NZD50 million of seven-year notes, maturing April 2011, and NZD50 million of 10-year bonds, maturing April 2014, was managed by National Bank of New Zealand Ltd.

Fonterra Group Treasurer Mary-Jane Daly said the issue attracted strong interest from the wholesale market.

Ms Daly said the issue does not mean Fonterra has acquired more debt, but rather has extended its debt maturity profile involving a prudent mix of medium and long-term borrowing.

The seven-year notes have a coupon rate of 6.64 per cent, 25 basis points above the seven-year swap rate. The 10-year notes have a coupon rate of 6.86 per cent, 35 basis points above the 10-year swap rate.

As the notes are senior, unsubordinated debt obligations of Fonterra they have been assigned long-term credit ratings of AA- from both Standard & Poor's and Fitch Ratings.

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