NZ's richest man to roll over debt

Graeme Hart, New Zealand's richest man, is looking to refinance US$1.6 billion ($2.77 billion) of debt maturing in February.

The Australian Financial Review reported Hart's Rank Group is offering existing lenders an upfront fee and increased margin to roll over the debt held by two United States packaging companies acquired almost a year ago.

"It's a relatively straightforward exercise, it's two of our US companies, it's not a highly leveraged situation and it's all held by our core bank syndicate, who are in most of our facilities and they're very supportive," Hart told the AFR.