Marac looks to make a bond offer
Marac Finance is following fellow finance company South Canterbury and making a bond offer to investors.
Monday, June 9th 2008, 10:11PM
Money raised will be used to finance Marac's ongoing lending activities and further diversify its funding sources.
Like South Canterbury, Forsyth Barr has been appointed arranger and organising participant, and Forsyth Barr and ANZ National Bank have been appointed joint lead managers.
The offer is expected to be underwritten up to $100 by Forsyth Barr Group and ANZ National Bank.
The interest rate payable on the Secured Bonds will be set following the closing of the Offer at the higher of either a minimum interest rate (expected to be set within the range of 10.25-10.50%; or the aggregate of the prevailing five year swap rate and a margin (to be determined).
Marac, which has an investment grade BBB- Standard and Poor's rating is looking to get this offer rated.
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