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

 


First NZ Capital To Lead $50 Million Bond Offer

First NZ Capital To Lead $50 Million Bond Offer By St Laurence Property & Finance

St Laurence Property & Finance Limited (SLP&F), the property investment and finance company managed by the Wellington based St Laurence group, will later this week launch a $50 million Bond Offer. First NZ Capital Securities Limited will be the Lead Manager and Organising Participant in relation to the Bond Offer.

The offer of Bonds will open on 7 April 2005 and close just six weeks later on 20 May 2005 or at an earlier date, if over subscribed. The Bonds will have a term of just over 5 years and have a maturity date of 15 July 2010.

The interest rate on the Bonds will be set this week.

“The Bond proceeds will be used to primarily fund growth in the group’s property investment and financing divisions and, secondly, to repay some of our existing Debenture Stock,” Kevin Podmore, managing director of the St Laurence group and chairman of SLP&F said.

“The Offer will also provide investors with a choice between an attractive fixed interest rate and a floating rate, which will pay a margin over the 90 bank bill rate and will be reset quarterly. Interest will be paid quarterly.”

“This option provides investors with the ability to mitigate any concerns that they may have that interest rates could increase over the period of the investment. That said, we envisage that many investors will choose to place a portion of their investment in both camps.”

The minimum investment in the Offer will be $5,000 and thereafter in multiples of $1,000. The Bonds will be secured on a first ranking basis in respect of assets which are not subject to prior charges and otherwise rank behind prior charges. Bondholders will rank alongside and equal to the company’s existing Debenture Stock holders.

SLP&F reserves the right to accept over-subscriptions of up to $20 million.

An application has been made to NZX for permission to list the Bonds on the NZDX and all of the requirements of NZX relating to the application that can be complied with on or before the date of this news release have been duly complied with. However, NZX accepts no responsibility for any statement in this news release.


Kevin Podmore says “We consider that investors will find this Offer attractive given the choice of fixed or floating interest rate, interest paid quarterly, the five year term, and the greater liquidity afforded by the proposed NZDX listing.”

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news