NZ Dairy Foods gets closer to capital notes target

The company, which aims to raise a total of $150 million, has placed $22.119 million in 10-year notes and $96.608 million in five-year notes.

Lead manager First NZ Capital Equities has underwritten $100 million.

The notes offer was due to close on October 11 but last week it was extended to November 29.

The proceeds will be used to repay money borrowed in the takeover of NZ Dairy Foods Ltd earlier this year. The company was bought by Rank Group, the private investment vehicle of New Zealand food magnate Graeme Hart, for around $245 million.

The notes will be quoted on the New Zealand Stock Exchange from October 14. The five-year notes have an interest rate of 9.0 percent and the 10-year notes have a rate of 9.5 percent.

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