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St Laurence raises $30 mill in tough market

Wellington investment group St Laurence's has raised $30 million in its recently closed bond offer.

Thursday, 30 June 2005
St Laurence said the amount raised consisted of $29.09m in fixed rate bonds and $915,000 in floating rate bonds.

The interest rates have been set at 9.25% on the fixed bonds and the same rate for the floating bonds until their first reset date.

The original offer was for an amount up to $50m but St Laurence Property & Finance chief executive John Mallon said prevailing market conditions made it difficult for the company and its adviser, First NZ Capital, to predict what amount would be raised.

"In those circumstances, while we did not reach the total possible offer amount, we have raised a significant sum and we are comfortable with the result."

The proceeds of the offer will be applied to further investment and financing opportunities being considered by the company and to the repayment of some of its maturing debenture stock.

The five year bonds are expected to be traded on the NZDX from July 4.

Proceeds of the offer are planned to fund development, such as the possible upgrade and expansion of Deloitte House in Wellington.

The group is also looking at investment and development opportunities in Wellington, Auckland and Tauranga.

St Laurence owns, or is a major shareholder, in properties worth $160m, mainly in Auckland and Wellington.

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