NZ Post to raise NZ$200 mln from bond offer

NZ Post announced its offer of unsecured, subordinated bonds had exceeded the initial target of NZ$150 million and would be widened to accept another NZ$50 million in oversubscriptions. The notes are being offered at an initial rate of 7.50%. "NZ$200 million of notes have been reserved for clients of participants in the bookbuild process who have received firm allocations. There will be no public pool," NZ Post said. The offer opens on March 25 and will close on April 22. The notes are not guaranteed by the Crown.