Sharechat Logo

Forbar raises $100m from notes issue

Friday 28th November 2003

Text too small?
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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ 2Q CPI +0.6% on quarter, +1.7% on year
NZ 2Q CPI +0.6% on quarter, +1.7% on year
16th July 2019 Morning Report
Suspect company faces liquidation after director dies
NZ dollar holds gains; focus on domestic inflation data
MARKET CLOSE: NZ shares slip as fears over slowing Chinese growth weigh; AMP slumps
NZ dollar rises after heartening Chinese data
Suspect company faces liquidation after director dies
Foreign investors face maximum penalty for breach after $13M purchase
Napier Port share offer $2.27-$2.60; will raise net $110 million

IRG See IRG research reports