NEW MARAC ISSUE

Press, Volume CXI, Issue 32736, 13 October 1971, Page 13

NEW MARAC ISSUE

sBm sought in debs, notes

Marac Finance Ltd, yesterday announced the opening of its 12th issue of debenture stock and unsecured notes, for an amount of s3m plus the right to accept over-subscriptions up to a further ssm.

This follows the early closing of issue number 11 which was completely over-sub-scribed within four months and raised a total of s6m. Interest rates for terms of two years or more have been retained at the same level as the previous issue, but improved liquidity has been reflected in slight adjustments to shorter-term rates. The 6-months term is issued at 5i per cent, compared with 6 per cent previously, while the 9-month and one year terms carry 1 per cent less at 6J and 6| per cent. The rate on short-term unsecured notes (for terms of less than six months) will be supplied on application, but it may be assumed that these will have been reduced proportionately. The managing director (Mr J. D. Rose) said that the company continued to extend its operations, in terms of both range of finance services offered and branch coverage (a new branch has opened this month in Hawke’s Bay), and that the new funds raised would be used in servicing these extensions and in satisfying the continuing strong demand for satisfactory commercial and realty loans.

Rights market Last Buy Sell Sales C.S.I- 4 4 Hallenstein .. 18 - 20 N.Z.T.532 - 38