Fonterra Cooperative Group is planning to raise NZ$50m ($31.51m) by issuing notes due in 2014, Fitch Ratings said today (8 October).

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According to local reports the capital raised will be used to repay short-term debt.


Preliminary pricing is seen at 170 basis points over swap with pricing expected on Thursday.


ANZ leading the offer, Reuters reported citing an unnamed investor.


The issue is expected to pay a fixed coupon of 6.86% with a maturity of 21 April 2014, Fitch said.

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Fonterra is a leading multinational dairy company, cooperatively owned by 13,000 New Zealand supplier shareholders. Its main brands include Anchor, Soprole, NZMP, Anlene, Mainland, Tip Top, Peters and Browns, Anmum, and Meadow Fresh.