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Fonterra raises $A300m in Australian bond issue

Tuesday 5th July 2011

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Fonterra raised $A300 million ($388m) through its first issue of corporate bonds in Australia.

General manager treasury Stephan Deschamps said the bond proceeds would be used to refinance bank debt in Australia.

"Fonterra has a large business in Australia and it makes sense for us to seek a greater alignment between our funding activities and our asset base," he said.

Fonterra had not participated in the Australian dollar corporate bond market previously, and was pleased with the strong demand from institutional investors.

The Australian dollar bond issue came a fortnight after Fonterra entered the Chinese currency bond market, raising 300 million yuan (about $56m) through an issue of denominated bonds.

Strong interest in both the bond issues demonstrated how Fonterra's business profile and financial strength were well regarded by international investors, Deschamps said.

NZPA



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