Bridgecorp Notes Issue Closes Over-Subscribed

A $10 million capital notes issue from Auckland financier and investment banker Bridgecorp Holdings Limited has been closed over-subscribed at $19.5 million.

The pre-Christmas issue was made in two equal tranches of $5 million, one with an initial term maturing in October 2002 and the second maturing in December 2003. Provision was made for over-subscriptions of $5 million in each tranche.

Managing director, Rod Petricevic said the support from investors nationwide was extremely heartening. The additional capital raised by the issue would enable Bridgecorp to further grow its finance book, he said. The company now has assets in excess of $200 million.

Following last October’s agreement with Lloyds of London for insurance cover of Bridgecorp’s new mortgages, a large percentage of the mortgage book was now covered with the total book expected to be covered by August.

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