Downer EDI’s Works Finance may sell 3-yr NZ bonds

Downer EDI’s Works Finance may sell 3-year bonds in NZ

May 22 – Australian construction firm Downer EDI Ltd. said its Works Finance unit in New Zealand may sell 3-year bonds.

The public offering would be of fixed interest, unsubordinated bonds, maturing in September 2012, according to a statement from Downer. It gave no details of the amount or likely yield.

Sydney-based Downer, which has a BBB- rating and ‘stable’ outlook at Fitch, this month completed A$222 million of funding, extending debt maturity profile.

The company was this month chosen by state-owned Solid Energy New Zealand as partner to negotiate an alliance arrangement to jointly manage and operate the Stockton Opencast Mine in Buller starting in October.

The shares fell 3.5% to NZ$4.69 on the ASX today.

(Businesswire)

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