Napier Port Holdings has revealed proceeds of its new $75 million bonds offer will be used to repay a portion of Napier Port's existing debt and for general corporate purposes.
The purpose was stated as the company on Thursday registered a Product Disclosure Statement for an offer of up to$75 million with the ability to accept oversubscriptions of up to a further $25 million.
The offer is for unsecured, unsubordinated, fixed rate 5.5 year bonds maturing in March 2028.
The offer is only available to New Zealand investors and specified Australian institutional investors. There will be no public pool but eligible shareholders will be able to apply for Bonds through a Shareholder Priority Offer which on September 12-15.
"The net proceeds of the Offer will be used to repay a portion of Napier Port's existing debt and for general corporate purposes," a statement says.
