PPCS to raise $75 mill

Dunedin-based meat co-operative PPCS has confirmed it will seek to raise up to $75 million in four year fixed rate secured bonds.

Tuesday, 14 November 2006

There was also a general offer open to all New Zealand resident investors, which would close on December 20.

Up to $5 million of oversubscriptions were available to satisfy excess demand from existing bondholders under the exchange offer, which would close on December 8.

About three-quarters of the offer had been allocated on a firm basis to NZX primary market participants and selected financial institutions.

For the year to the end of August, PPCS posted an annual net profit up 58% at $31.4m, including a one-off gain of $18m, on turnover of $2 billion.

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