St Laurence raises $30m in bond offer

St Laurence said the amount raised consisted of $29.09m in fixed rate bonds and $915,000 in floating rate bonds.

The interest rates have been set at 9.25 per cent on the fixed bonds and the same rate for the floating bonds until their firs reset date.

The original offer was for an amount up to $50m but St Laurence Property & Finance chief executive John Mallon said prevailing market conditions made it difficult for the company and its adviser, First NZ Capital, to predict what amount would be raised.

"In those circumstances, while we did not reach the total possible offer amount, we have raised a significant sum and we are comfortable with the result."

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