Auckland City may raise $150m selling bonds

Friday 13th February 2009

Auckland City Council said it is considering the sale of up to $150 million of fixed-rate, five-year bonds this month.

The city didn't give an interest rate on the debt in seeking preliminary indications of interest from investors. The sale would be of $100 million of bonds with oversubscriptions of $50 million, it said in a statement.

The offer would open on February 23. BNZ Capital and Westpac Institutional Bank are lead managers for the sale.

By Jonathan Underhill

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