Business briefs: Kiwibank bonds

Last updated 15:40 14/05/2014

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Kiwibank bonds to pay 6.61 pc

Kiwibank says its $100 million bond issue has been well received by investors, with the whole offer set aside for clients of sharebroking firms taking part in the issue.

It also announced the interest rate would be 6.61 per cent for the first five years of the 10-year term, until the reset date of July 15, 2019.

The capital notes are unsecured and subordinated with a credit rating of BB+ from Standard & Poor's, reflecting their lower priority compared to other types of bonds.

The notes will be used to help Kiwibank meet its regulatory capital requirements under the Reserve Bank's Basel III framework.

The offer opens tomorrow and closes on June 3.

LanzaTech signs R&D deal

New Zealand-founded company LanzaTech has signed a research and development agreement to examine a new use for its gas fermentation technology.

LanzaTech and chemical company Invista will collaborate on projects to develop the technology to convert Carbon Dioxide and Hydrogen gas feedstocks into a range of industrial chemicals.

If successful, the first commercialisation of the technology is expected as early as 2018.

LanzaTech recently announced it would be shifting 30 jobs from Auckland to the USA as it moves to a new headquarters in Illinois.

Goodman gets $26m for Auckland property

Goodman Property Trust has agreed to sell SMEC House in Auckland's Newmarket to a private investor for $26.2 million.

"A strong investment market is supporting an active sales programme that is generating substantial gains for the Trust," John Dakin, chief executive of the trust's manager Goodman (NZ), said.

"This disposal and the earlier sale of Gateside Industry Park will provide more than $60 million of capacity that will be used to fund our portfolio enhancing and value adding development activity."

The unconditional sale is due to settle in July.

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