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


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>