Tower places notes issue

The placement, by Tower Holdings Australia, are guaranteed by Tower and Tower Financial Services and are rated BBB (stable) by Standards & Poor's.

Group CFO, Keith Taylor, says the issue is the second debt capital markets initiative in Australia following the company's launch into the Australian commercial paper market earlier this year.

"Tower is seeking to diversify its financing sources and reduce funding costs. This was a logical market for funding given that 70% of our business is now in Australia."

Proceeds from the issue will be used to repay bank borrowings.

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