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Source: Reuters -
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NZ Farming Systems Uruguay is planning to raise $US30 million ($NZ46.6 million) through a bond issue to fund development of its South American farms.
NZFSU said on Tuesday it had received approval from the Central Bank of Uruguay for the bond issue in Uruguay, planned for "the near future".
The proceeds would provide long-term debt financing for continued farm development in Uruguay.
More details will be released in the future, the company said.
The company has previously estimated that finishing the conversion of its landholding to dairy production would require up to $US90 million in debt.
NZFSU, which uses its New Zealand dairying expertise on farms in Uruguay, is forecasting an annual loss after the worst droughts in 30 years hit the country.
Shares in the company lost 5 cents to close at 45 cents.
