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NZX to raise up to NZ$40M via notes issue

NZX Ltd. plans to raise up to NZ$40 million through the sale of subordinated notes to repay debt and for general corporate purposes, New Zealand's BusinessDesk reported May 15.

The notes will mature in June 2033 and the interest rate will be set around May 17. The offer will open May 28.

Forsyth Barr will serve as the arranger and joint lead manager and will act as an agent to run a liquidity adjustment facility. The brokerage will be restricted to make sure buy orders do not exceed 20,000 notes at any time and that net purchases do not exceed 200,000 notes in a month, the publication noted.

As of May 15, US$1 was equivalent to NZ$1.45.