Fletcher Building completes debt placement

FLETCHER Building has successfully completed a United States debt private placement.

Fletched issued $US325 million in notes with maturities in 2016 and 2019, and will be completed in two drawings. Ten US institutional investors participated in the note offer.

Fletcher Building’s chief financial officer Bill Roest said the note issue has been undertaken to replace the bridge finance facilities utilised to fund the acquisition of Formica Corporation.

“The new US debt issue provides extended terms to further improve the company’s debt maturity profile and diversify its sources of funding.

“The company has also refinanced its senior bank facility as part of the finalisation of the acquisition of Formica Corporation,” he concluded.

Australian Property Journal