Fonterra announced today (11 February) that it has opened a bond offer for up to NZ$100m (US$69.8m), with the ability to accept up to $50m oversubscriptions.

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The unsecured fixed rate bonds mature in 2016.

The company plans to use the funds to partially repay a EUR300m medium-term note that matures in April, as well as use it for general corporate operations.

At the end of last month, Fonterra had indicated that it would raise up to $250m through the bond sale, however the group said that it has scaled back that amount after securing funding elsewhere.

“The offer size has been scaled back to a maximum of $150m as Fonterra has been able to cover part of its financing requirements overseas at a very attractive funding cost,” the New Zealand dairy group said in a statement.

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