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SYDNEY June 17 (Reuters) – Goodman Fielder Limited on Thursday said it had priced $300 million of unsecured notes in the United States Private Placement market in a transaction which was five times oversubscribed.
The funds will be converted to A$350 million at a margin of 200 basis points above floating A$ bank bill swap rates, Goodman said. The initial principal, future interest payments and final repayment have all been hedged to Australian dollars.
The proceeds were expected to be received in September and would be used to repay A$280 million of bank debt that is due to mature in November 2010, as well as a partial repayment of A$420 million of bank debt due in July, 2011.
Finalisation of the transaction is subject to investor due diligence and completion of legal documentation, expected to be in July 2010. Bank of America Merrill Lynch and Westpac were the arrangers for the transaction.
(Reporting by Wayne Cole; Editing by Ed Davies)