Fletcher Building unveils $377m debt deal

Fletcher Building chief financial officer Bill Roest (R) with company chief executive Jonathan Ling. Roest said the company has enjoyed good support from the US private debt placement market. Photo / Steven McNicholl

This year's largest corporate refinancing of an NZX-listed business has just been announced.

Fletcher Building issued a notice to NZX this morning saying it had raised US$300 million ($NZ377m) in long term debt through a private placement with American debt investors which it did not name.

The private placement has two maturities of 10 and 12 years.

"The proceeds have been used to repay borrowings drawn under Fletcher Building's principal bank facilities. The funds raised have been swapped into Australian dollars in a mix of fixed and floating interest rates," the company said.

Bill Roest, Fletcher chief financial officer, said the company has previously used this market for longer term funding.

"With the completion of this transaction we have been able to extend the debt maturity profile which suits the long term nature of our business. What is especially pleasing about this is that we have continued to see good support for Fletcher Building from the US private placement market," he said.