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Pyne Gould's MARAC to increase bond sale to NZ$125m

Monday 7th July 2008

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MARAC Finance, the subsidiary of Pyne Gould Corp, increased its sale of bonds by NZ$25 million to NZ$125 million, citing demand for the securities.

Demand exceeded the original offering, prompting the decision to accept oversubscriptions, the company said in a statement.

The bonds, rated BBB- at Standard & Poor's, pay the higher of 10.5% or 2.75 percentage points over the five-year swap rate.

Forsyth Barr and ANZ National Bank are managing and underwriting the offer to NZ$100 million. The offer closes July 18.

By Jonathan Underhill

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