In another sign that local corporates are looking to raise cheaper funds through 'Mum and Dad' investors than through banks, APN Media has announced plans to raise up to NZ$200 million through a five year bond issue.
APN said the APN Media Bonds will be unsecured, unsubordinated debt of APN Media (NZ) Limited, which owns the New Zealand Herald and other media properties in New Zealand.
The bond offer will open in early November. The margin and the minimum interest rate is expected to announced on or around the opening of the offer.
The joint lead managers are: ANZ, Bank of New Zealand, Forsyth Barr and Goldman Sachs.