S&P rates Pacific National bonds BBB-

S&P said it assigned a BBB- rating to Pacific National Finance Pty Ltd.’s proposed issuance of up to A$450 million of 10-year unsecured and unsubordinated notes.

The offering may be a mix of floating-rate and fixed-rate with a tenor of 10 years.

Pacific National Holdings Pty Ltd., which the agency rates BBB-, will guarantee the notes.

The notes will be offered under the company’s medium-term note program and will rank equally with all Pacific National’s other senior unsecured debt.

Proceeds are expected to be used for general corporate purposes.

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