Rabo caps PIE offer at NZ$330 mln

Rabo Capital today announced it would cap its PIE securities offer at NZ$330 million. It had initially sought to raise NZ$200 million from the issue, with the ability to accept oversubcriptions. Rabo also announced that the margin on the PIE securities offer would be 3.75%. The final dividend rate will be set on May 25, depending on the swap rate on that day. Rabo said the rate would not be below 8%. "NZ$295 million of PIE Capital Securities have been allocated on a firm and reserved basis through NZX participants and to institutional investors. Rabo Capital will also provide for a public pool of NZ$35 million," Rabo Capital said. For more on the offer, see here.