Wrightson to raise up to $60 million

Wrightson Finance is planning to raise up to $60 million to help re-establish itself as a leading provider of financial services to the rural sector.

Tuesday, 26 April 2005

It is offering of two tranches of fixed rate senior secured bonds for maturities of four and five years with interest coupons paid quarterly.

The terms of the bonds are as follows:

• 4 years (20 May 2009) Minimum coupon 8.25% pa. The interest rate will be set at the greater of 8.25% pa and the interpolated four year swap plus a margin of 1.35%.
• 5 years (20 May 2010) Minimum coupon 8.50% pa The interest rate will be set at the greater of 8.50% pa and the interpolated five year swap plus a margin of 1.55%.

The offer is for $40 million, with the ability to take up to a further $20 million of over-subscriptions. It runs from April 26 until May 27. The bonds will be lised on the NZDX.

ABN Amro Bank has underwritten the minimum issue amount of $20 million for each tranche.

Wrightson says the issue of bonds is a complementary extension to the existing funding base and are issued on a secured and first ranking basis. The bonds provide investors with an attractive opportunity to invest in the rural sector, it says.

To compare this offer to others in the market go to www.depositrates.co.nz

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