Fletcher Building Completes Another US Debt Private Placement

Fletcher Building advises that it has successfully completed an issue of guaranteed senior fixed rate notes in the US Private Placement debt market.  The total issue of notes amounted to US$325 million with maturities in 2016 and 2019, and will be completed in two drawings, the first closing which occurred today and the second closing is to occur on 1 October 2007.  Ten US institutional investors participated in the note offer.

Bill Roest, Chief Financial Officer of Fletcher Building, stated that the note issue has been undertaken to replace the bridge finance facilities utilised to fund the acquisition of Formica Corporation.  The new United States debt issue provides extended terms to further improve the Company’s debt maturity profile and diversify its sources of funding.

The Company has also refinanced its senior bank facility as part of the finalisation of the acquisition of Formica Corporation.

Contact:
Bill Roest
Chief Financial Officer
Phone:  +64 9 525 9165
Fax: +74 9 525 9032
Email: bill.roest@fb.co.nz

Sara Double
Treasurer
Phone: +64 9 525 9339
Fax: +64 9 525 9029
Email: sara.double@fb.co.nz

This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes.  The notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration under or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws.