Forbar raises $100m from notes issue

Friday 28th November 2003

Sharebroking firm Forsyth Barr said yesterday it had raised $100 million from Global Credit Notes (GCN) issued into the local debt market.

Brokers and institutional investors have so far taken up $45 million for each of the two GCN tranches issued by Global Corporate Credit, while indications of interest have been received for another $10 million.

The first tranche, rated AAA by Standard & Poor's, would pay an interest rate of 7.20%. The second tranche, with a single A rating, would pay an 8.25% interest rate, Global Corporate Credit said.

Public pool applications, including oversubscriptions of up to $100 million, would be made on a first-come, first-served basis, the directors said.

The proceeds of the issue would be invested in medium-term notes to be issued by Structured Investments Corporation, a special purpose vehicle established by Citigroup.

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