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Fonterra Raises NZD150 Million

30 May 2005

Fonterra Raises NZD150 Million From New Zealand Institutions

Fonterra Co-operative Group Ltd has raised NZD150 million in medium-term debt from New Zealand institutions.

The issue of $50 million of six-year notes, maturing April 2011, and $100 million of nine-year bonds, maturing April 2014, was managed by ANZ Investment Bank and Westpac Institutional Bank.

The issue attracted strong interest from the wholesale market and both tranches were oversubscribed.

The notes were issued to supplement the seven and ten-year tranches issued in April 2004. The six and nine-year notes have an effective yield of 6.87% and 7.00% respectively.

Fonterra Associate Director Treasury Mark Aldridge said the issue does not mean Fonterra has acquired more debt. Rather, the issue was undertaken to refinance maturing short-term commercial paper and to maintain Fonterra's debt maturity profile.

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.

ENDS

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