Roger Kerr posted on October 18, 2010 13:12
APN Media (NZ) Limited, a wholly owned indirect subsidiary of APN News & Media Limited, is considering making an offer of up to NZ$150 million bonds ("APN Media Bonds") to the public (with the option to accept oversubscriptions of up to NZ$50 million) and is seeking preliminary indications of interest.
The APN Media Bonds will be unsecured, unsubordinated debt obligations of APN Media (NZ) Limited, and will be guaranteed by each member of APN's bank guarantor group, which comprises APN and certain wholly owned subsidiaries of APN.
The Bonds will have a term of approximately five years. The rate of interest applying to the APN Media Bonds will be fixed and an announcement of the margin and minimum interest rate is expected to be made on or around the opening of the offer, which is anticipated to be in early November 2010. The net proceeds from the sale of APN Media Bonds are intended to be used for general financing purposes, including diversification of funding sources.