St Laurence raises $50m through bond offer

Property investment firm St Laurence Property & Finance (SLP&F) has raised over $50 million through its latest bond offer, which closed last Friday.

SLP&F said the money raised included over-subscriptions of $25 million.

The bonds have a fixed interest rate of 9.25 per cent and a maturity date of May 15, 2011.

They have been quoted on the stock exchange's debt market, the NZDX, since February 16.

SLP&F chief executive John Mallon said he was delighted with the outcome of the bond offer.

"This bond offer is part of our ongoing funding programme and, being fully subscribed, adds strength to our balance sheet. We will be using the proceeds to repay some existing debentures due to mature over the next few months as well as funding further investment opportunities," he said.

SLP&F is a wholly-owned subsidiary of St Laurence Holdings Limited.

- NZPA