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Dunedin City Treasury refinances maturing bond

Dunedin City Treasury refinances maturing bond

Dunedin (Thursday, 15 October 2015) – The Dunedin City Council’s treasury company has successfully renegotiated a new bond, or floating rate note, of $50 million.

Dunedin City Treasury Limited Manager Richard Davey says the issue does not increase debt for the DCC group, but replaces a floating rate note for the same amount that matured today. The new note was issued for a further term of seven years, maturing in 2022.

“Refinancing the $50 million tranche of debt for a further seven years highlights investors’ confidence in the future financial performance of the DCC group, especially given the Standard and Poor’s AA rating for the DCC.”

A floating rate note pays a rate of interest made up of the floating 90 day bank bill rate plus a margin agreed at the outset. The margin to be paid by Dunedin City Treasury for this bond issue is an additional 0.56%.

Mr Davey says this rate is lower than that paid for the previous bond and will result in interest savings of $170,000 a year across the DCC group.

The new bond was arranged by ANZ Debt Capital Markets.

Dunedin City Treasury is owned by Dunedin City Holdings Limited (DCHL) and manages debt for the DCC and its companies. DCHL is in turn owned by the DCC.

ENDS

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