(The following statement was released by the company)
WELLINGTON, Nov 12 - The Board of PGG Wrightson Finance Limited ('PGG Wrightson Finance' or the 'Company'), announced today that it is considering making an offer of up to $50 million of first ranking, secured fixed rate interest bearing bonds, with up to a further $25 million of Secured Bonds available by way of oversubscriptions (the 'Offer').
PGG Wrightson Finance has a guarantee under the New Zealand retail deposit guarantee scheme ('Deposit Guarantee Scheme'). Information about the scheme is available, free of charge and at all reasonable times, on the internet site maintained by or on behalf of Treasury. The Secured Bonds mature on 8 October 2010, subject to the Company's option to extend the term of the Secured Bonds by up to 12 months to 8 October 2011, in the event the Deposit Guarantee Scheme is extended by at least a corresponding period.
Forsyth Barr Limited has been appointed Lead Manager and Organising Participant to the proposed Offer. The Offer is expected to be underwritten up to $50 million of Secured Bonds by Forsyth Barr Group Limited.
The Offer will comprise an offer of up to $50 million of Secured Bonds by way of firm allocation to clients of NZX Primary Market Participants and other approved financial intermediaries, and a public pool. PGG Wrightson Finance and Forsyth Barr Limited reserve the right to allocate all of the Secured Bonds (including any oversubscriptions) by way of firm allocation.
Interest will be payable on the Secured Bonds at the higher of 8.25% per annum or a margin of 2.25% above the interpolated swap mid rate to 8 October 2010, following the closing of the Offer. Full details of the Secured Bonds and the terms of the Offer will be set out in the Prospectus and Investment Statement in respect of the Offer, that is expected to be registered in mid November 2008.
No money is currently being sought and no applications for the Secured Bonds will be accepted or money received, unless the subscriber has received an Investment Statement for the Offer.
Application has been made to NZX Limited ('NZX'), for permission to list the Secured Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with.
However, NZX accepts no responsibility for any statement in this advertisement. COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
WELLINGTON, Nov 12 - The Board of PGG Wrightson Finance Limited ('PGG Wrightson Finance' or the 'Company'), announced today that it is considering making an offer of up to $50 million of first ranking, secured fixed rate interest bearing bonds, with up to a further $25 million of Secured Bonds available by way of oversubscriptions (the 'Offer').
PGG Wrightson Finance has a guarantee under the New Zealand retail deposit guarantee scheme ('Deposit Guarantee Scheme'). Information about the scheme is available, free of charge and at all reasonable times, on the internet site maintained by or on behalf of Treasury. The Secured Bonds mature on 8 October 2010, subject to the Company's option to extend the term of the Secured Bonds by up to 12 months to 8 October 2011, in the event the Deposit Guarantee Scheme is extended by at least a corresponding period.
Forsyth Barr Limited has been appointed Lead Manager and Organising Participant to the proposed Offer. The Offer is expected to be underwritten up to $50 million of Secured Bonds by Forsyth Barr Group Limited.
The Offer will comprise an offer of up to $50 million of Secured Bonds by way of firm allocation to clients of NZX Primary Market Participants and other approved financial intermediaries, and a public pool. PGG Wrightson Finance and Forsyth Barr Limited reserve the right to allocate all of the Secured Bonds (including any oversubscriptions) by way of firm allocation.
Interest will be payable on the Secured Bonds at the higher of 8.25% per annum or a margin of 2.25% above the interpolated swap mid rate to 8 October 2010, following the closing of the Offer. Full details of the Secured Bonds and the terms of the Offer will be set out in the Prospectus and Investment Statement in respect of the Offer, that is expected to be registered in mid November 2008.
No money is currently being sought and no applications for the Secured Bonds will be accepted or money received, unless the subscriber has received an Investment Statement for the Offer.
Application has been made to NZX Limited ('NZX'), for permission to list the Secured Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with.
However, NZX accepts no responsibility for any statement in this advertisement. COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.