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NZ's AMP Office Trust to raise NZ$201 mln

Wed May 6, 2009 10:56pm EDT

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WELLINGTON, May 7 (Reuters) - New Zealand commercial property investor AMP NZ Office Trust Ltd (APT.NZ) said on Thursday that it was planning to raise NZ$201 million ($118 million) to cut its debt through an issue of new shares.

The company said it planned a rights issue of nine new units for every 20 currently held at NZ$0.65 each, a discount of 21 percent to the weighted average of the previous five trading days.

The proceeds of the issue, which has been underwritten by First NZ Capital Securities and major shareholder Haumi, would bring the trust's gearing level to around 19.3 percent.

AMP NZ Office Trust shares were up 1.2 percent at NZ$0.84 outperforming a 0.7 percent gain in the benchmark NZSX-50 index .NZ50. ($1=NZ$1.70)



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