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Downer EDI unit considers NZ$ 3-year bond sale

Fri May 22, 2009 1:16am EDT

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(For the latest Australia and New Zealand bond news, double click on [AU/CRD] and then double click on the ID number) (Adds details)

SYDNEY, May 22 (Reuters) - The New Zealand unit of Australian engineering contractor Downer EDI Ltd (DOW.AX) is considering the sale of a New Zealand dollar three-year senior bond offer, it said on Friday in a statement.

UBS has been appointed to structure the offer and a joint lead group is expected to be mandated soon, a market source familiar with the situation said.

The offer is expected to be up to NZ$150 million and will mainly target New Zealand retail investors, the source said.

The statement did not give a timeframe or details of the size or the names of the banks involved.

Downer EDI declined to give further details.

The issuer would be Works Finance (NZ) Ltd, a wholly owned subsidiary of Downer EDI, the statement said. ($1=1.628 New Zealand Dollar) (Reporting by Cecile Lefort)



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