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Some investors miss out on Global Credit Notes

Thursday 11th December 2003

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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.

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