Rubicon's ArborGen plans to raise US$75m

ArborGen, the tree seedling company that's 33% owned by New Zealand's Rubicon, plans to raise US$75 million in a US initial public offering.

The Summerville, South Carolina-based company will use the proceeds to buy a new headquarters, manufacturing and research laboratories and to repay debt, it said in a statement on Friday. ArborGen's other shareholders are International Paper and MeadWestvaco.

The number of shares to be offered and the price range for the offering have not yet been determined, it said. Goldman Sachs and Citi will manage the sale.

Rubicon shares last traded at 79 cents and have fallen 12% this year.

Businesswire.co.nz

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