PPCS plans $75m bond move

New Zealand's biggest meat processor, PPCS, plans to refinance $75 million of July 2007 bonds, starting this month.

Chairman Reese Hart said the Dunedin company was refinancing the bonds before they matured to replace them with a debt maturity better aligned with its full-year results.

The co-operative yesterday confirmed its full-year results for the year to August. Net income was $31 million, including a one-time gain of $18 million, up from a year-earlier loss of $19.9 million.