MARAC raises $104.2m selling 10.5% secured bonds

Wednesday 23rd July 2008

Pyne Gould Corp.'s MARAC Finance unit raised NZ$104.2 million selling five-year bonds that pay annual interest of 10.5%.

The company had offered to sell NZ$100 million of the securities at an issue price of NZ$1 apiece, with acceptance of as much as NZ$25 million of over-subscriptions. The sale was managed by Forsyth Barr and ANZ-National Bank.

By Jonathan Underhill

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