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Fletcher Building Announces Early Repayment of US$300m of USPP Notes

30 Jun 2020  |  07:34:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Fletcher Building repayment of USPP notes

Fletcher Building announced its intention to make an early repayment of US$300m of USPP notes. CEO Mr. Ross Taylor said that the USPP notes, which were issued in 2012 and due to mature in 2022 and 2024, were the Company's expensive source of debt, with an average cost of funding of 5.4%. Repayment of the notes would reduce the Company's funding costs by NZ$17m per year, whilst still leaving the Company with liquidity of NZ$1.1bn. The USPP 2012 notes have a notional value of US$300m.

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