Further Issue Of Bridgecorp Capital Notes

Further Issue Of Bridgecorp Capital Notes

Specialist financier, Bridgecorp Holdings Ltd, is going to the market for $20 million worth of Capital Notes.

The two-year tranche (maturing December 2004) will pay interest of 11.5%, while a three-year tranche (maturing in December 2005) will pay 12%. This follows a successful earlier series of Note issues, begun in 2000, raising almost $23 million. Of that amount, $9 million matured in October this year and has been repaid.

The additional capital raised by the issue will enable Bridgecorp to continue to grow its finance book particularly in New Zealand. The company continues to experience significant demand for loan monies and does not see this trend diminishing.

Managing director, Rod Petricevic said Bridgecorp had moved away from property investment as part of its core business and focused instead on mortgage lending, and had now become a significant player in the New Zealand finance market.

The company’s activity centred on short-term lending, secured over land and buildings and its lending book now exceeded $300 million, Mr Petricevic said.

“This further capital notes issue offers investors an attractive return from associating with a company which had used its specialist expertise to establish a solid track record of growth and sustainability.”

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