NRMA Issues $100 Million Of Bonds In The NZ Market
NRMA Issues $100 Million Of Bonds In The New Zealand Market
Auckland, 23 August; Deutsche Bank AG New Zealand announced today that they had successfully arranged an issue of bonds by NRMA (NZ) Holdings Limited. The issue was for $50 million of a 15 August 2005 maturity with a 7.0% coupon and $50 million of a 15 August 2008 maturity with a 7.25% coupon. The bonds are guaranteed by NRMA Insurance Limited and were privately placed to wholesale institutions. Deutsche Bank AG New Zealand acted as Lead Manager on the issue with Bank of New Zealand and Westpac Institutional Bank as Co managers.
The Issuer said that the funds would be used to repay bank debt that had been raised for the purchase of State Insurance earlier this year. The bonds were issued under a $300 million MTN programme that NRMA recently established.
The bonds are rated AA+
(negative outlook) from Standard and Poor’s.