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Guinness Peat Group to buy back its final, NZ$350 mln, tranche of capital notes

Guinness Peat Group to buy back its final, NZ$350 mln, tranche of capital notes

Guinness Peat Group, the investment company founded by Ron Brierley that's selling assets and returning capital to shareholders, says it'll buy back its last tranche of outstanding capital notes, which have a principal value of about NZ$350 million.

GPG has an option to purchase the notes on their election data of November 15 under the trust deed.

"GPG has previously announced its intention to exercise this option, and has now formally determined to exercise it. Accordingly, all of the 2012 notes will be purchased by GPG on their 15 November 2012 election date," the company says.

Noteholders will be sent a notice of GPG's exercise of the option, and details of the process for payment. GPG says trading in the notes will be suspended at the end of October 30, with the final regular quarterly interest payment made on November 15.

The notes were issued in 2006 and pay 8.3% interest per annum. Noteholders' trustee is Guardian Trust. GPG bought back a separate capital notes issue in March.

See GPG's issuer page here.

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