Wednesday 27th May 2009 |
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Australian construction firm Downer EDI is offering to sell as much as $150 million of three-year bonds in its Works Finance unit in New Zealand.
Works Finance was initially set for an issue of securities in 2007 called ROADS. The proceeds will be used to repay existing debt within the Downer Group, it said in a statement today.
The interest rate on the bonds, which have a face value of $1 apiece, will be announced on the rate set date of June 25, it said. The debt is rated BBB- by Fitch Ratings.
The offer comprises $100 million with $50 million of oversubscriptions.
Sydney-based Downer this month completed A$222 million of funding, extending debt maturity profile.
The company was this month chosen by state-owned Solid Energy New Zealand as partner to negotiate an alliance arrangement to jointly manage and operate the Stockton Opencast Mine in Buller starting in October.
The shares gained 4% to A$4.82 on the ASX today and have gained 21% in the past three months.
The bookbuild for the bond offer is June 2 and the offer opens on June 3 and closes on June 24.
Businesswire.co.nz
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