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GPG happy with notes issue

By Phil Boeyen, ShareChat Business News Editor

Friday 14th September 2001

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More than 7,500 investors have filled Guinness Peat Group's (NZSE: GPG) capital notes issue, which closed this week fully subscribed.

The $250 million raised was the largest capital note issue ever undertaken in New Zealand and will pay interest of 9%.

GPG says it's delighted with the success of the offering, although it is not giving away any clues as to how or where the money will be spent.

"The proceeds of the capital note issue will augment existing funds and provide GPG with added capacity to act quickly and decisively when required," the company says.

Secondary trading of the notes on the NZSE under the code GFN is due to begin today.

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