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Marac sets rate

Monday 21st July 2008

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Pyne Gould Corp-owned finance company MARAC set the interest rate on its NZ$100 million bond sale at 10.50%.

The allotment of the five-year secured bonds will be on Wednesday, according to a statement.

The MARAC offer was for $100 million and the ability to accept another $25 million in over-subscriptions. The amount raised hasn't been disclosed yet, however it is reported to be more than $100 million, but short of the $125 million target.

The offer was managed by Forsyth Barr and ANZ-National Bank.

By Jonathan Underhill

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