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SkyCity to offer $100 million in seven year bonds

SkyCity Entertainment Group announced an offer of up to $100 million in seven year bonds to reduce the drawings on the company’s bank facilities.

The offer will be open to institutional investors and members of the public who are resident in New Zealand.

The interest rate for the bonds, which will be unsubordinated, unsecured, redeemable, and fixed rate, will be set through a bookbuild process on September 2 and announced via the NZX shortly after.

The indicative interest rate range for the bonds is 4.65 percent to 4.90 percent per annum. The offer is expected to open on September 3 and close on September 22. Interest on the bonds will be paid quarterly in arrears, with the first interest payment to be made on December 29 2015.

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