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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
The interest rate on the secured bond offer had been set at 10.25% per annum, payable quarterly, PPCS said today. The offer included of an offer by which holders of PPCS secured bonds maturing on July 15, 2007 could exchange their existing bonds for the new bonds on a one-for-one basis.

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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