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Warehouse Group plans $100 million sale of five-year bonds
Warehouse Group plans to raise $100 million by selling five-year bonds next month. New Zealand’s largest retailer intends to use the proceeds for a number of general corporate purposes including redemption of existing debt, extending the term of its debt, or placing the funds on deposit. The monies may also be used for investments, acquiring new businesses or funding a return of capital, it said in a statement today. In early January, Warehouse said sales over a nine week Christmas period had been flat, and that anticipated continued sales growth during that time didn’t materialize. Its management believe these results reflected the broad non-food retail sector overall. The retailer anticipates that net profit to the six months ended January will be similar to last year’s $56.8 million, with final half year results to be announced in mid-March. Further information on the proposed bond offer will also be made at that time. Craigs Investment Partners was appointed to manage the sale. Details of the interest rate payable haven’t been announced yet.
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