NGC Holdings today announced it had set a rate of 6.81% for its proposed issue of up to $NZ200 million of fixed rate bonds.
It intends lodging a prospectus with the Companies Office tomorrow and said the 6.81% rate was 45 basis points above the five-and-a-quarter-year market swap rate.
NGC proposes to issue $NZ150 million of the bonds, with the right to accept oversubscriptions of up to a further $50 million. It is intended that the bonds, which will mature in March 2009, be listed on the New Zealand Exchange.
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