Fletcher places $335m in US notes

Fletcher Building said today it has completed a $335 million note placement in the United States private debt market.

The senior floating notes comprise $144 million maturing in 2015 and $A132 million ($NZ191.05 million) maturing in 2017.

Six US investors participated in the offer, which was managed by Citigroup.

Bill Roest, the firm's chief financial officer, said the placement was designed to increase Fletcher Building's debt maturity profile, diversify its sources of funding and provide New Zealand and Australian dollar funds without the need to use Fletcher Building's bank swap lines.

The proceeds of the issue will be used to repay existing bank debt and fund general business activity.

Shares in Fletcher Building were 9c higher at $7.94 today.

- NZPA