Fletcher Building capital notes rollover at 5.4 percent from 8.9 percent

Mon, 28 Jan 2013

Jan 29 (BusinessDesk) - The impact of low global interest rates on corporate funding needs is well demonstrated in the announcement by Fletcher Building of the rollover terms on $75 million of capital notes that mature on March 15. The long-dated corporate bonds are currently paying 8.9 percent annually, but the rate on offer at rollover until March 15, 2019 is 3.5 percentage points lower, at 5.4 percent a year. Noteholders can retain some or all of their notes on the new terms or have them paid out. Fletcher Building is exercising the optio...

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