The timing of the company’s 5-year fixed bond deal is up in the air as it deals with the fallout from plumbing failures and a faulty pipe product.
The timing of Fletcher Building’s 5-year fixed bond deal is up in the air as the company deals with the fallout from plumbing failures and a faulty pipe product in Western Australia.The building products company mandated ANZ, Citi, and Westpac as joint lead managers on a potential 5-year Australian-denominated fixed rate senior unsecured benchmark transaction last week.
While it was set to be launched before Friday, sources close to the deal said it was likely earmarked for next week given Woolworths is in the market with a $1.75 billion 7.5-year senior unsecured deal. UBS analyst Marcus Curley put the company Under Review on Wednesday “pending further information from FBU over the next few days”.
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