Works Finance (NZ) Limited Analysis

Overview

The Company is a subsidiary of Downer EDI Limited and was formed for the purpose of issuing Redeemable Optionally Adjustable Distributing Securities ("ROADS"). The proceeds have been advanced to Downer New Zealand Limited as disclosed in Note C1.

Downer EDI Limited elected to leave the ROADS securtities on issue on the Step-up Date of 15 June 2012. The margin was stepped-up in accordance with the terms of the "Prospectus and Investment Statement" dated 7 March 2007. The dividend rate for the one year commencing 15 June 2024 is 9.3% per annum (2023: 9.81% per annum) which is equivalent to the one year swap rate on 17 June 2024 of 5.38% per annum plus the step-up margin of 4.05% per annum. The next reset date is 15 June 2025.

Performance

No performance was provided by the company.