Dairy products manufacturer and marketer Dairy Foods has revealed its intention to open a capital notes issue later this month consisting of NZ$100m (US$46.22m) in notes, with up to NZ$50m in over-subscriptions.

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The move offers NZ investors a rare chance to buy into the domestic dairy industry and CEO Peter McClure said that for Dairy Foods, the funds raised would be used to restructure its capital.


The capital notes will be unsecured, subordinated, fixed rate, debt obligations, issued in two tranches: five-year capital notes and ten-year capital notes.


Billionaire Graeme Hart bought Dairy Foods for NZ$245m from the farmer-owned cooperative Fonterra.

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