Council raising $200m

The Bay of Plenty Regional Council is seeking to raise up to $200 million through a perpetual preference share offer to fund infrastructure projects.

The offer includes up to $150 million of perpetual preference shares in Quayside Holdings, a wholly owned subsidiary of the council, with the right to accept up to $50 million oversubscriptions. Proceeds would be used to establish a fund to invest in priority infrastructure projects for the benefit of the Bay of Plenty region, the council said.

The offer will open on February 12 and close on March 7.