NZ Dairy Foods to offer up to $150m in capital notes

The unsecured, five-year and 10-year notes will have a fixed rate to be set before their launch later this month.

The notes will be issued in two tranches. The five year notes will have an initial election date of December 15, 2007 and the 10 year notes will have an initial election date of September 15, 2012.

The offer will be for $100 million with the company having the option to accept up to $50 million in oversubscriptions.

Organising broker, First NZ Capital Equities, will underwrite the issue up to $100 million.

The money will be used to repay debt borrowed in connection with its takeover of New Zealand Dairy Foods Ltd.

Application has been made to list the notes on the Stock Exchange.

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