New Zealand dairy cooperative Fonterra said today (20 January) that it is considering a bond issue to raise as much as NZ$250m (US$180.4m).

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Fonterra said that the funds would be used for “general business purposes”, including the partial replacement of an EUR300m (US$424.8m) mid-term note maturing in April.


The offer of senior unsecured bonds is expected to open in February or March.


If the dairy group pushes ahead with the offer, Fonterra will mandate ANZ, part of ANZ National Bank, BNZ and Westpac International as joint-lead managers.


Further details will be made available once a simplified disclosure prospectus is available.

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