Hart raises another $US2.5 billion
Graeme Hart's Reynold Group raises $US2.5 billion in notes to fund purchase of Graham Packaging.
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Graham Hart’s company Reynolds Group Holdings has locked in more than $US2.5 billion in new borrowings to finance his purchase of Graham Packaging company.
Mr Hart’s Auckland-based company Reynolds Group announced it had completed a private placement of $US1.5 billion in senior secured notes due in 2019 and attracting 7.875% interest, and $US1 billion in senior notes due in 2019 paying 9.875% interest.
The company also said it had amended existing senior credit facilities to allow incremental term loans amounting to $US2 billion - payable on the closing date of the Graham Packaing acquisition.
The US-based Graham Packaging employs 7,700 people and booked just over $US1 billion in revenue to September, according to Capital IQ.
Mr Hart was again crowned the wealthiest New Zealander in the recent NBR Rich List with a valuation of $6.5 billion.
Matt Nippert
Thu, 11 Aug 2011
Thu, 11 Aug 2011
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Hart raises another $US2.5 billion
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