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, November 14th 2006, 10:06PM
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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