Fletcher Building, the struggling New Zealand-headquartered building materials group, is raising around $NZ700 million ($641 million) in emergency funding as it attempts to clear a big debt pile as a gloomy economic outlook affects construction.
Fletcher is listed on the New Zealand and Australian stock exchanges, and last month appointed Andrew Reding, a long-time manufacturing industry figure, as chief executive. The company has a large business in Australia under brands including Laminex, Stramit roofing and structural steel, Iplex pipes and Oliveri sinkware.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
