Deb., Note Issue By Marac

Press, Volume CVII, Issue 31448, 15 August 1967, Page 18

Deb., Note Issue By Marac

(New Zealand Preet Association)

AUCKLAND, August 14.

Manufacturers* and Retailers’ Acceptance Company, Ltd., Auckland finance com-

pany, will seek $450,000 in debentures and unsecured notes, with the right to accept oversubscriptions up to $200,000.

Interest rates to be offered for debentures range from 4| per cent for three months, to 5| per cent for 12 months and 7 per cent for 6 years. For the unsecured notes, Interest of 5 per cent is to be offered for three months currency, 6 per cent for 12

months and 7 per cent for three years. The top rate of 7 per cent to be offered on six year debentures compares with 7 per eent offered for 7 years in the issue of November last

The 7 per cent to be offered for three year notes compares with 6| per cent previously. The issue will open on August 28. It is to be underwritten by Daysh, Renouf and Company, members of the Wellington Stock Exchange, and the New Zealand United Corporation. No Increase

The funds raised will be used to replace the debentures and unsecured notes redeemed after February 11 tvhen the Capital Issues (Finance Companies) regulations come into force.

It is not anticipated that the total borrowed funds will be materially increased from the level of $2,314,200 shown on March 31.