Fletcher Building raises US$235m in debt market

Fletcher Building said today it had successfully raised US$235 million ($323 million) of guaranteed senior fixed rate notes in the US private placement debt market.

The notes have 2016 and 2019 maturities and will be completed in two drawings, today and the second closing on October 1.

Chief financial officer Bill Roest said the money raised would replace bridge finance facilities used to fund the acquisition of Formica Corp.

The company has also refinanced its senior bank facility as part of the finalisation of the acquisition.

- NZPA