|
Tuesday 9th February 2010 |
Text too small? |
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.
Businesswire.co.nz
No comments yet
The Warehouse Group
Warehouse FY profit jumps 61 percent on property sales, acquisitions
Warehouse firms up plans to pay more for staff with training, long service
Warehouse Red Sheds, stationery boost 3Q sales, FY guidance unchanged
Warehouse seeks better workforce with higher pay, more training
Warehouse almost doubles 1H profit on property sales, dividend beats expectations
Warehouse buys majority stake in online retailer Torpedo7 for up to $33M
Warehouse buys unprofitable Noel Leeming chain for $65M
Warehouse 1Q sales rise 1.9% as stationery leads growth
Warehouse buys Insight Traders
