Published 1 November 2005
Fletcher Building Ltd completed a private US placement of $NZ144 million & $A132 million last night. It will use the proceeds to repay existing bank debt and for general corporate purposes.
The company issued guaranteed senior floating rate notes to 6 investors in the US private placement debt market. The $NZ notes mature in 2015 and the $A notes in 2017.Chief financial officer Bill Roest said Fletcher building wanted to increase its debt maturity profile, diversify its sources of funding and provide $NZ & $A funds without the need to use its own bank swap lines.