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NZ's Pyne Gould subsidiary Marac looks at bond issue

Sun Jun 8, 2008 8:36pm EDT

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WELLINGTON, June 9 (Reuters) - New Zealand investment company Pyne Gould Corporation Ltd (PGC.NZ) subsidiary Marac Finance is looking to raise up to NZ$125 million ($96.1 million) in a bond issue, the company said on Monday.

Marac is considering an issue of NZ$100 million five-year fixed rate bonds, with the right to accept up to NZ$25 million in oversubscriptions.

The proceeds would be used to fund Marac's usual lending business and diversify funding sources, it said.

Forsyth Barr Ltd and ANZ-National Bank Ltd (ANZ.NZ) have been appointed joint lead managers for the proposed offer, with Forsyth Barr also appointed arranger and organising participant.

Application has been made to Standard & Poor's for a rating for the bonds, which would also be listed on the NZX's debt market. ($1=NZ$1.30)



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