MARAC SETS INTEREST RATE FOR SECURED BONDS
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Pyne Gould Corporation Limited (PGC) | 2:23 pm, Monday 21 July 2008 | PGC | 2.630 |
 0.000 |
(+0.00%) |
MARAC SETS INTEREST RATE FOR SECURED BONDS
21 July 2008
MARAC today announced that, in accordance with the registered prospectus and
investment statement for its inaugural offer of Secured Bonds, the interest
rate for the Secured Bonds has been set at 10.50%. Allotment of the Secured
Bonds will occur, as scheduled, on Wednesday, 23 July 2008, and a more
detailed announcement will be made at that time.
-Ends-
About MARAC Finance Limited
MARAC Finance Limited is a wholly New Zealand owned and operated finance
company that has been in business for more than 55 years, and today is one of
the largest and most successful finance companies in the country. The
company is owned by Pyne Gould Corporation Limited ("PGC"), a NZX listed
company that has a history stretching back more than 150 years. PGC does not
guarantee the Offer or the Secured Bonds.
MARAC's lending is well spread, both geographically and over a wide range of
business sectors including commercial, consumer and property. MARAC has no
related party lending and does not lend overseas.
MARAC is funded through retail debentures, committed bank facilities from
five major New Zealand banks and a securitisation programme ensuring a
diverse funding base. The Secured Bond will add to this diversity.
MARAC has a BBB- (Stable) credit rating from Standard & Poor's. This rating
is recognised by the international investment community as 'investment
grade'.
For further information contact:
Alan Williams
Chief Financial Officer
MARAC Finance Limited/Pyne Gould Corporation Limited
Email alan.williams@marac.co.nz
DDI 09 539 9763
Mobile 027 477 3189
