Wellington, March 12 NZPA - Retailer The Warehouse Group is looking to raise $100 million in a fixed rate bond offer, with the funds being used to reduce existing bank debt and to finance the planned construction of new and replacement stores.

The offer of up to $100m five-year unsecured, unsubordinated fixed rate bonds to the New Zealand public was mainly being done to better align the maturity profile of the group's debt financing with its medium to long term capital programme and to manage funding risk by diversifying the sources of funds, The Warehouse said today.

Craigs Investment Partners had been appointed as lead manager for the offer. ANZ, Bank of New Zealand and Forsyth Barr had been appointed as co-managers.

The offer was expected to open on March 24 and close on April 23. The bonds would be listed on the NZDX.