Richmond extends notes to $50M

The meat processing company is paying 10.75% on the notes, payable quarterly.

Richmond Chairman Sam Robinson says the company is pleased with initial response to the offer.

"With respect of the capital notes, we are keen to have the widest possible cross-section of investors, and from the level of interest being shown in the offer, we should achieve this."

Richmond is planning to use the money raised by the capital notes issue to strengthen its balance sheet, diversify its funding base, and position itself for further industry change and the next stage of its development.

It is expected that the capital notes will list on the New Zealand Stock Exchange on April 2nd.

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