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

 

Fonterra mulls $250M bond sale

Fonterra mulls $250M bond sale, third issue for NZX debt market

April 7 (BusinessDesk) - Fonterra Cooperative Group, the world's biggest dairy exporter, may sell $250 million of six-year bonds in what would be its third security listed on the NZX debt market.

The Auckland-based dairy company would sell the bonds, expected to mature in October 2021, to New Zealand institutional and retail investors. Proceeds would be for general corporate purposes, it said.

Fonterra has $150 million of March 2016 bonds that carry a coupon of 6.83 percent and were last quoted at a yield of 3.9 percent and $35 million of perpetual notes that pay 5.59 percent annual interest.

ANZ New Zealand has been hired as arranger for the sale and joint lead managers are ANZ, Bank of New Zealand and Westpac Banking Corp. The company will release details of the bond offer next week, it said.

Last week Standard & Poor's affirmed Fonterra's A and A-1 credit ratings, with a stable outlook. S&P said the company's rating reflects its "business position as a low-cost, leading global dairy co-operative, together with the group's significant financial flexibility provided by the effective subordination of milk payments to its New Zealand supplier base."

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO:

Māui And Hector’s Dolphins: WWF/Industry Counter Offer On Threat Management Plan

Forest & Bird says WWF-NZ's plan for protecting Māui dolphins is based on testing unproven methods on a species that is almost extinct, and is urging the Government to reject the proposal. More>>

ALSO: