Snippets Corner: 19 March 2010 – NVT, MGR
March 18, 2010
Navitas Limited (NVT) announced the execution of a Recognition and Articulation Agreement with Edinburgh Napier University for the establishment of the Edinburgh International College (“EIC”). The company said under the agreement it would have access to the university’s teaching and other facilities, as well as accommodation and administration facilities at the campus. Navitas said with expected strong demand for student enrolments, EIC is expected to follow the pattern of other Navitas’ colleges and reach operational break even within 18 months.
Mirvac Group (MGR) issued and priced a new $150 million five-year fixed AUD Medium Term Note into the domestic bond market for a margin of 265 basis points. The group said the transaction was more than two times oversubscribed with a diversity of over 20 accounts and strong cornerstone interest. Mirvac said the earnings impact of this debt issue is in line with expectation and accordingly our earnings guidance of 9.2c per stapled security for FY10 remains unchanged.
Mirvac Group (MGR) issued and priced a new $150 million five-year fixed AUD Medium Term Note into the domestic bond market for a margin of 265 basis points. The group said the transaction was more than two times oversubscribed with a diversity of over 20 accounts and strong cornerstone interest. Mirvac said the earnings impact of this debt issue is in line with expectation and accordingly our earnings guidance of 9.2c per stapled security for FY10 remains unchanged.
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