Marac sets rate for bond offer

The board is considering making an offer of $125 million of first ranking, five-year, fixed rate secured bonds.

Forsyth Barr has been appointed arranger and organising participant, and Forsyth Barr and ANZ National Bank have been appointed joint lead managers.

The offer is expected to be underwritten up to $100 by Forsyth Barr Group and ANZ National Bank.

The interest rate payable on the Secured Bonds will be set following the closing of the Offer at the higher of either a minimum interest rate of 10.50% annually, or the aggregate of the prevailing five-year swap rate and the margin of 2.75%.

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