Graeme Hart

Wellington, April 21 NZPA - Businessman Graeme Hart is looking to raise $US1.75 billion ($NZ2.46b) of new debt to help fund further consolidation of his global packaging business.

Mr Hart's Auckland-based Reynolds Group Holdings plans to buy Carter Holt Harvey's Whakatane Mill and the US-based Evergreen Packaging group of companies. Mr Hart owns all the businesses.

In a recent statement, Reynolds said the acquisitions were expected to happen in May. They would be financed with about $US1.75b of new debt, which was expected to be guaranteed by Reynolds and some of its subsidiaries, as well as some members of the Evergreen Packaging group.

Reynolds was described as a leading global manufacturer and supplier of consumer food and beverage packaging, and storage products.

Reynolds' annual report for the year to December 2009 showed the group made an 11m euro ($NZ20.76m) profit from continuing operations, an improvement from the 158m euro loss the year before. Revenue lifted to 2.82b euro from 2.67b euro.