Rates round-up
NZ Post finance company raises $200m; Injunction filed against Propertyfinance trustee; Strata investors covered by guarantee
Monday, April 27th 2009, 9:48AM
NZ Post finance company raises $200m
New Zealand Post Group Finance has raised $200 million through its unsecured, subordinated note offer.
The notes carry an initial interest rate of 7.50% and have been assigned a credit rating of A by Standard & Poor’s.
“We are delighted with the positive reception to this offer and the large number of investors who participated in the offer, which maintains New Zealand Post’s very strong financial position and provides funding for the continued growth and development of the NZ Post group,” NZ Post chairman Jim Bolger said.
The notes are expected to commence trading on the NZDX as from today.
Injunction filed against Propertyfinance trustee
Propertyfinance Securities has applied for a High Court injunction to restrict its trustee, Covenant Trustee Company, from being able to appoint receivers until Propertyfinance can hold its previously announced special meeting of stockholders.
The Propetyfinance directors believe receivership provides no better results for stockholders than the revised moratorium that is to be put to the stockholders for approval.
Ultimately, it will be up to stockholders to decide whether the moratorium will go ahead.
Strata investors covered by guarantee
All eligible Strata Finance investors will get 100% of the money they are entitled to under the deposit guarantee scheme.
Strata Finance defaulted under the Crown Deed of Guarantee when it was unable to pay one of its investors on the maturity date of their deposit. Subsequently, the trustee determined that all deposits with the finance company were immediately due and payable.
Strata Finance has 21 depositors and $448.000 in deposits as of 20 April. It has been in the process of winding down.
SCF to the rescue of Wrightson and Silver Fern
South Canterbury Finance Group (SCF) has provided funding to PGG Wrightson (PGW), to assist the mediation settlement of the outstanding issues between PGW and Silver Fern Farms.
SCF has provided a facility of up to $25 million of subordinated debt with the right to convert all or part of the amount drawn down to PGW ordinary shares within 90 days at a strike price of $1.50 a share.
“These are two iconic agri-business companies whose importance to the New Zealand economy cannot be underestimated,” SCF chairman Allan Hubbard says.
“South Canterbury Finance has assisted the mediated settlement that will allow both parties to avoid a wasteful legal dispute and concentrate on generating more wealth for their stakeholders and New Zealand.”
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