Goodman Fielder flags early redemption for $250 mln of NZ bo

Goodman Fielder flags early redemption for $250 mln of NZ bonds

By Paul McBeth

Oct. 2 (BusinessDesk) - Goodman Fielder, the food ingredients manufacturer facing a takeover from Wilmar International and First Pacific Co, will redeem $250 million of New Zealand-listed bonds early after negotiating a new banking facility with its lenders.

The Sydney-based company will pay $1.01 per bond plus accrued interest to redeem the New Zealand bonds on Oct. 24, it said in a statement. The notes, which pay annual interest of 7.54 percent, were set to mature on May 16, 2016, and last traded at a yield of 6.67 percent, or $102.378 per $100 face value, according to NZX data. Goodman will refinance the bonds using a $250 million three-year bank facility which matures in October 2017.

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