Govt refinances steel debts
The Government has taken advantage of a general weakening of interest rates on world money markets to refinance debts on the New Zealand Steel expansion project and Petrocorp.
It announced yesterday it had refinanced $1.7 billion of debt with an issue of floating rate notes on the Euromarket. The Minister of Finance, Mr Douglas, said the rate had been tied to
the “Libid,” or London Inter-bank Rate, which now gave an effective coupon rate of a little under 6.5 per cent. Mr Douglas said that was significantly below the interest rates on the debt previously, and would result in a saving for the Government of between $4 million and $5 million annually, assuming exchange and interest rates at their present levels.
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Press, 23 July 1986, Page 10
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125Govt refinances steel debts Press, 23 July 1986, Page 10
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