By NZPA
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Tuesday 17th December 2002 |
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The offer, which will help fund its recent purchase of Australian wood panels business Laminex Group, included $125 million worth of capital notes, plus oversubscriptions of $25 million.
"We are delighted with the success of the offer and see this as a positive reflection of both Fletcher Building's recent financial results and its acquisition of Laminex Group," chief executive Ralph Waters said.
The final setting of the interests rates will be done tomorrow.
he notes are expected to start trading on the New Zealand Stock Exchange on Friday. Shares in Fletcher Building last traded up 3c at $3.37, having touched $3.38 -- its highest level since May 1998 -- earlier in the session.
The company said at its annual meeting last month that it expected to record earnings before interest and tax (ebit) of about $140 million for the half year to December, excluding any earnings from Laminex.
Fletcher Building, a top-10 New Zealand stock, reported an after tax profit of $93 million for the year to June.
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