Fonterra Co-operative Group Limited announced today that it is offering up to NZ$100 million of bonds, with the ability to accept up to NZ$50 million oversubscriptions. The Offer will open on Thursday 18 February 2010 and will close on 3 March 2010.
The unsecured fixed rate senior bonds will have a six year maturity (to 4 March 2016). The minimum investment is $5,000 and multiples of $1,000 thereafter. The interest rate for the bonds will be announced on Wednesday 17 February, the day before the Offer opens.
A Simplified Disclosure Prospectus for the offer has been registered and is available for download at
http://www.fonterra.com/. Applications for bonds will not be accepted until the Offer opens.
Fonterra has mandated ANZ, part of ANZ National Bank Limited; BNZ; and Westpac Institutional Bank, a division of Westpac Banking Corporation, as Joint-Lead Managers for the bond Offer.
On 20 January 2010, Fonterra announced it was considering a bond offer of up to $250 million. The offer size has been scaled back to a maximum of $150 million as Fonterra has been able to cover part of its financing requirements overseas at a very attractive funding cost .
As previously advised, Fonterra intends to use any money raised for general business purposes, including partial replacement of a €300 million Euro Medium Term Note (EMTN) maturing in April 2010.
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