Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra is is offering up to $150 million of senior fixed rate bonds to institutional investors and to New Zealand retail investors.
The offer opened with an indicative margin of 1.45 to 1.60% per annum, Fonterra said in a statement to NZX.
The bonds are expected to mature on March 7, 2023. An announcement of the actual margin and the interest rate on the bonds will be made following the bookbuild process, expected to be on February 26, 2016.
The bonds are expected to be quoted on the NZX Debt Market and are expected to be assigned a long term credit rating of A- by Standard and Poor's and A by Fitch.
There is no public pool for the offer, with 100% of the bonds reserved for institutional investors, clients of the lead manager, the co-manager and primary market participants (eg. broking firms accredited by NZX to participate in NZX markets).
Meanwhile Fonterra has also announced it has finalised the sale of its Australian yoghurt and dairy desserts business to Parmalat Australia Pty Ltd.
All conditions and regulatory requirements have been met.
On December 16, 2015, Fonterra announced the divestment of its Australian yoghurt and dairy desserts business, which includes manufacturing sites at Tamar Valley and Echuca as well as its Australian yoghurt and dairy dessert brands, as part of a comprehensive plan to return the cooperative's Australian business to strong profitability.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.