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

 

Strong Response To Capital Bonds Offer

12 December

Blue Star Print Group announces Strong Response To Capital Bonds Offer, intention to prepay Existing Bonds

Blue Star Print Group (BSPG) today announced that it has had a strong response to its offer of $75 million of new capital bonds. As a result, it intends to prepay its existing fixed rate subordinated bonds on 17 February 2005, and the Rollover Offer made to existing investors has become unconditional.

“There has been an excellent response to the Offer, recognising the quality of Blue Star Print Group as a company, and the investment opportunity presented by the new Capital Bonds. Following the market’s endorsement of the new offering we’re pleased to announce our intention to prepay existing bonds,” said Tom Sturgess, Chairman, Blue Star Print Group.

For each of their bonds, existing bondholders will be prepaid the bond principal, a prepayment premium and interest from 15 October 2005 to the prepayment date, less applicable withholding tax.

The decision to prepay existing bonds has allowed the Rollover Offer, under which existing bondholders were offered a limited conditional entitlement to rollover their bonds into the new issue of Capital Bonds, to become unconditional. Existing bondholders whose applications to rollover their bonds into the new issue have been (or may prior to the closing date of the offer be) accepted in full or in part will have payment for new Capital Bonds deducted from their prepayment for existing bonds.

For existing bonds subject to the rollover into new Capital Bonds, the trading halt of existing bonds will continue until the bonds are prepaid. For bonds which are not subject to the rollover, trading will recommence after the close of the new Capital Bonds Offer (on 19 December), but will halt again on 24 January 2006, being three business days prior to the record date for prepayment of the existing bonds.

Blue Star Print Group’s new Capital Bonds bear a minimum annual interest rate of 9.10%. The Capital Bonds Offer is expected to close on 16 December 2005. The Capital Bonds will mature on 15 September 2012, but may be prepaid earlier in some circumstances.

It is anticipated that the Capital Bonds will be listed on the NZDX. Application has been made to NZX for permission to list the securities and all the requirements of NZX relating thereto that can be complied with on or before the date of the prospectus have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement. Distributions will be paid quarterly, with the first Interest Payment Date scheduled to occur on 15 March 2006.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>