Wed, 02 Jun 2004
TOWER Finance Limited has today announced that it is considering making a Capital Notes Issue to the public. It is intended that the opening date of the offer will be 22 June 2004. New Zealand investors will have the opportunity to subscribe for the Capital Notes issued by TOWER Finance Limited, guaranteed on a subordinated basis by TOWER Limited.
It is intended that the issue of Notes will raise up to $80 million.
The Notes will be unsecured, subordinated debt securities that will offer investors a competitive fixed rate of per annum interest (paid quarterly in arrears until the first Election Date of 15 October 2009). The issue price is $1 per Note and the minimum application is $5,000.
There will be a preferential pool of $15 million of Notes reserved for New Zealand resident shareholders of TOWER at the end of the Shareholder Preference period.
No money is being sought currently, and applications will only be accepted once subscribers have received the investment statement.
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