New Zealand dairy cooperative Fonterra announced today (3 February) that it is seeking to raise a minimum of NZ$300m through a bond issue for retail investors.
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The six-year bonds will mature in 2015.
The interest rate will be finalised on 9 March and will be the higher of 7.75% or the aggregate of the applicable six-year swap rate, plus a margin of 3.4% on that date, the company said.
Fonterra chairman Henry van der Heyden said the company intended to use the money raised for general business purposes, including working capital requirements.
“With this solid foundation, we are in a position to capitalise on the expected long-term growth in demand for quality dairy products in emerging and established economies around the world. Fonterra is looking to leverage these positions to help see it through the global economic conditions now being experienced,” van der Heyden said.
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