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Listed infrastructure company Infratil (IFT) is seeking to raise up to $50 million in a bond issue.
In a statement to the NZX Infratil said the unsecured and subordinated bonds would mature November 2017 and attract 8% interest.
The offer seeks to raise $25 million from to all investors, with the board maintaining discretion to accept up to $50 million if oversubscribed.
Holders of existing Infratil bonds maturing on November 15, 2011 are also given the option of converting their debentures to those maturing in 2017.
A full disclosure statement can be seen on Infratil's website.