St Laurence seeks further $25m

St Laurence Property & Finance has raised $25 million under the bond offer it opened on December 15 and is looking to raise another $25 million.

SLP&F said it had raised $25 million under the offer and also exercised its right to accept over-subscriptions up to a maximum of another $25 million.

The bonds have a fixed interest rate of 9.25 per cent and a maturity date of May 15, 2011.

Chief executive John Mallon said proceeds from the bond offer would mainly be used to fund the group's property investments.

Earlier this year, the group raised $30 million through another bond issuance. The company has applied to list the bonds on the stock exchange's debt market, the NZDX.