Pacific Retail launches capital note offer

By NZPA

Tuesday 10th September 2002

Retailer Pacific Retail Group's $60 million capital notes issue opened today.

The second ranking secured notes offered a minimum return of 9.25 percent per annum, payable quarterly until September 2007.

The issue closes on October 18.

Pacific Retail said it may accept up to $15 million in oversubscriptions, on the basis that up to $5 million will be reserved for New Zealand shareholders registered on August 30.

The $5 million preferential pool will be reserved until September 25, or until it is fully subscribed.

The oversubscription would also be conditional on the remaining $10 million forming a public pool, with investors able to apply for a maximum of $50,000.

The note issue would provide the computer and electrical goods retailer with extra capital to fund the group's ongoing growth.

Pacific Retail Group owns the Noel Leeming, Bond and Bond, and Computer City chains as well as giftware store Living and Giving, and Bendon lingerie.

JB Were is lead broker for the issue.

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