21 Apr 2010

Hart plans to raise another 900m euros

1:14 pm on 21 April 2010

New Zealand's richest man, Graeme Hart, is planning to raise another 900 million euros worth of debt to fund a reorganisation of his global packaging empire.

It will push the total debt of Mr Hart's Auckland-based private company, Reynolds Group, to more than $NZ8.3 billion.

Mr Hart is planning to bring two businesses he owns into the Reyolds Group - Carter Holt Harvey's mill in Whakatane and US-based Evergreen Group, which makes packaging for fresh drinks like juice and milk.

Reynolds Group expects the transactions to be complete in May, but there's no guarrantee it will be able to raise the money needed.