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St Laurence offer opens

St Laurence Property & Finance has opened its $25 million bond offer.

Thursday, 15 December 2005
The bonds will have a fixed interest rate of 9.25% and a maturity date of May 15 2011.

The bonds have a minimum principal investment of $5000 and, thereafter, multiples of $1000, with interest to be paid quarterly.

SLP&F said it had reserved the right to accept over-subscriptions of up to an additional $25 million.

Chief executive John Mallon said proceeds from the bond offer would mainly be used to fund the group's property investments.

Earlier this year, the group raised $30 million through a bond issuance.

"We have decided to go back to the bond market to take advantage of market opportunities and to meet the current demand for investment product," Mallon said.

SLP&F has applied to list the bonds on the stock exchange's debt market, the NZDX.

First NZ Capital has underwritten the offer for $20 million.

SLP&F is a wholly-owned subsidiary of St Laurence Holdings Limited. The offer will close on March 31.

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