Toll raises $275 million to refinance debt
The parent company of the Australian-based logistics company Toll said Wednesday it has completed an issue of U.S. private placement notes worth $275 million.
Toll Holdings said it plans to convert the proceeds from the sale into Singapore and Hong Kong dollars to refinance its existing short-term debt.
Private placement notes are typically sold to a small number of private investors, like institutional investors, banks, pension funds, or insurance companies.
'Entering this market will help extend the duration of our debt profile as well as diversifying our funding base in a new capital market,' said Toll Group's Chief Financial Officer Brian Kruger.