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Blue Star Print wraps up bond issue

By Phil Boeyen, ShareChat Business News Editor

Monday 21st January 2002

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The Blue Star Print Group (NZSE: BLU) has completed a $45 million bond issue fully subscribed.

The group says the offer, arranged and fully underwritten by Credit Suisse First Boston NZ, opened in October last year and closed last Friday, as scheduled.

The fixed rate, subordinated bond issue was made as part of the funding arrangements for last July's $165 million management buy-out of Blue Start Print Group.

Blue Star's bonds were only open to New Zealand residents and carry an interest rate of 10.75%, with interest payments every six months from April this year. They are due to be repaid in cash in 2008.

Blue Star Print Group chairman, Tom Sturgess, says the issue was well received in the New Zealand marketplace.

"Given the strength of the Blue Star Print Group's businesses and our track record of success, we're not surprised that the offer was fully subscribed by the scheduled closing date."

Blue Star Print Group is one of Australasia's leading commercial printing groups comprising 18 business units in New Zealand and Australia, with 1,000 staff and annual revenues of $278 million.

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