Sharechat Logo

Some investors miss out on Global Credit Notes

Thursday 11th December 2003

Text too small?
Forsyth Barr's Global Corporate Credit note issue has closed oversubscribed and some investors are going to miss out on receiving any allocation.

"As the offer closed oversubscribed, a number of late applications have been declined. Unsuccessful applicants will receive a refund of their application monies as soon as possible. All applicants will receive payment relating to early bird interest accrued prior to the allotment date," Global Corporate Credit says in a statement.

The $120 million offer was made up of $60 million of each of GCN Series 1 (earning 7.20% and rated AAA by Standard & Poor's) and GCN Series 2 (earning 8.25% and rated A by Standard & Poor's).

However, the portfolio has been changed because of the Standard & Poor's decision to downgrade the corporate credit rating of Parmalat SpA from BBB- to B+.

The manager has decided to remove Parmalat SpA from the underlying portfolio. "The directors had previously received indications that both series of GCNs would receive their expected ratings based on a portfolio that included Parmalat SpA. However, the removal of Parmalat SpA was considered appropriate to ensure the quality of the portfolio, Global Corporate Credit says.

The GCNs have been accepted for listing by NZX and will be quoted upon completion of allotment procedures.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report