First Mutual Credit CEO Shaun Morgan Announces US$200 Million Global Note
August 04, 2007
August 06, 2007 -- /prbuzz/ --First Mutual Credit announces successful US$200 Million global bond offering
For Immediate Release
NEW YORK, NY
First Mutual Credit Corporation, Inc., a wholly owned subsidiary of First Mutual Credit Bank Ltd, successfully priced its fifth US$ Global bond offering yesterday afternoon in New York. The offering consists of 10-year fixed interest and 10 year floating interest notes. The US$120 Million 10-year notes were priced at a spread of 2.3% above the 10-year US Treasury and have a coupon of 7.0%. The US$80 million 10-year Floating notes were priced at 0.92% above the 5-year US Treasury and have a coupon of 5.625%. Due to strong investor demand, the total offering was increased from US$100 Million to US$200 Million. Over 130 institutional investors from North America and Europe participated in the transaction. The proceeds of the offering are intended to be used to refinance short-term bank debt, potentially including debt used to finance the recent purchase of Oil and Gas Lines in Asia, and for general corporate purposes which may include acquisitions. The notes are registered with the New Zealand Stock Exchange (NSX) and are be listed on the NSX.
Shaun Morgan, CEO in conjunction with Jay Leisenberg Finance Director at FMC said: “FMC previous US$ global bond offerings, both of which raised US$1 billion, were completed in March 2002 and September 2003. We are delighted with the very strong investor response to this new offering for NZ Petroleum US$200 Million which enables New Zealand Petroleum Investments to extend its debt maturity profile and to expand its investor base.”
G-Trade Securities Bank, Bank One UK and First Mutual Credit Bank Ltd acted as joint book-runners on this transaction.
A registration statement relating to these securities has been filed with the New Zealand Stock Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Contact : + 1 866 400 3271
Shaun Morgan Chief Executive
Jay Leisenberg Finance Director
Harvey McMillianGroup Treasurer
About the Press Release
First Mutual Credit Corporation, Inc., a wholly owned subsidiary of First Mutual Credit Bank Ltd, successfully priced its fifth US$200M Global bond offering yesterday afternoon in New York.


 
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