Global Corporate $120m Credit Note Allotment

Published: Thu 11 Dec 2003 02:56 PM
Allotment OF $120 MILLION OF Global credit notes Global Corporate Credit Limited (“GCCL”) wishes to advise that following the successful offer of Global Credit Notes (“GCNs”) by GCCL, the GCNs were allotted on 10 December 2003.
The offer closed oversubscribed with a total issue size of $120 million, comprising $60 million of each of GCN Series 1 (earning 7.20% and rated AAA by Standard & Poor’s) and GCN Series 2 (earning 8.25% and rated A by Standard & Poor’s). The directors of GCCL and the Lead Manager, Forsyth Barr Limited, are pleased with the level of investor interest and the quality of the issue. All holders of GCNs will be formally advised of the allotment by mail in the near future.
The directors of GCCL wish to advise that in light of Standard & Poor’s downgrade of its corporate credit rating of Parmalat SpA from BBB- to B+ on 9 December 2003, they have determined in conjunction with the Lead Manager to remove Parmalat SpA from the underlying portfolio. The directors had previously received indications that both series of GCNs would receive their expected ratings based on a portfolio that included Parmalat SpA. However, the removal of Parmalat SpA was considered appropriate to ensure the quality of the portfolio.
As the offer closed oversubscribed, a number of late applications have been declined. Unsuccessful applicants will receive a refund of their application monies as soon as possible. All applicants will receive payment relating to early bird interest accrued prior to the allotment date.
The GCNs have been accepted for listing by NZX and will be quoted upon completion of allotment procedures. However, NZX accepts no responsibility for any statement in this media release.
It is expected that both the GCN Series 1 notes and GCN Series 2 notes will list on the New Zealand Exchange on Monday 15 December 2003, under the codes GCN010 and GCN020 respectively.

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