Hellaby Plans $50m Shopping Expedition

Nz Herald:

Investment company Hellaby Holdings is looking to raise $50 million through capital notes as it readies for acquisitions.

David Houldsworth, managing director, said: “We feel if the economy continues to slow there will probably be more opportunities coming along in the next 12 months.”

The five-year notes would be listed on the NZDX - the stock exchange’s debt market.

They would be unsecured, subordinated, fixed-interest debt obligations of Hellaby, with a fixed interest rate of 8.5 per cent a year.

Houldsworth said the money would be used to reduce company debt in the short term and then fund growth.

The investment company, with holdings in the automotive, industrial and retail sectors, started to build up its coffers last month with the planned sale of its upmarket menswear chain, Rodd & Gunn, for $13.6 million, a profit of more than $6 million.