Blue Star Print Group completes $45 million bond issue

Blue Star Print Group today announced the completion of its $45 million fixed rate, subordinated bond issue.

The offer, arranged and fully underwritten by Credit Suisse First Boston NZ Securities Ltd, opened in October last year and closed fully subscribed on Friday, 18 January 2002, as scheduled.

The bond offer was made as part of the funding arrangements for last July's $165 million management buy-out of Blue Star Print Group.

The seven year, unsecured, subordinated bonds - which were only open to New Zealand residents - carry an interest rate of 10.75% and are due to be repaid in cash on 15 October 2008. Interest payments will be made every six months from April this year.

The bonds will be listed on the NZ Stock Exchange from today, 21 January 2002.

Blue Star Print Group chairman Tom Sturgess said that, as expected, the bonds had been well-received in the New Zealand marketplace.

"Given the strength of the Blue Star Print Group's businesses and our track record of success, we're not surprised that the offer was fully subscribed by the scheduled closing date."

For further information please contact: Keith Brodie, Chief Executive, Blue Star Print Group, Phone (09) 477 0408, Mobile (0274) 809 768, or Tom Sturgess, Chairman, Blue Star Print Group, Phone (03) 545 7600, Mobile (025) 274-7586.