Goodman Fielder Considers First New Zealand Bond Sale in at Least 5 Years
Goodman Fielder Ltd.’s New Zealand unit is considering a NZ$175 million ($129 million) fixed-rate bond issue in its first sale in the country in at least five years.
Australia’s largest baker hired Commonwealth Bank of Australia, Australia & New Zealand Banking Group Ltd., Bank of New Zealand and Craigs Investment Partners Ltd. to help it sell the senior unsecured notes, the company said in a regulatory filing today. The funds will be used to refinance debt, the statement said.
“We derive a major part of our earnings in New Zealand,” company spokesman Ian Greenshields said by phone. “It makes sense to secure debt in one of our major operating environments.”
Goodman Fielder, based in Sydney, got about a third of its revenue from New Zealand in the last financial year, according to Bloomberg data. It raised $300 million in the U.S. in June through a sale of 10-year unsecured notes to repay bank debt due in November, the company said in a stock exchange statement at the time.
The baker has a further A$920 million ($893 million) in debt maturing in 2011 and 2012, according to data compiled by Bloomberg.
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