KEY POINTS:
Listed insurer and fund manager Tower said the coupon interest rate on a proposed offer of five-year bonds will be 8.5 per cent.
Tower plans to raise at least $80 million from the sale of the bonds to pay debt and fund working capital requirements.
The offer will open later this month and Tower will be able to accept as much as $20 million in oversubscriptions, the Auckland-based company said.
