VM Investments Limited (VMIL) has announced the extension of the closing date of its new public bond offered on behalf its parent, VM Group.

The bond offer was originally set to close last Friday, December 27, 2024, but that application deadline has been rescheduled to Friday, January 10, 2025.

According to VMIL, this is “to meet strong demand and allow institutional and retail investors more time to complete the investment process”.

The offer opened on Thursday, December 19, with the aim of raising $5.43 billion. Proceeds from the bond raise “will support VMIL’s strategic growth initiatives by refinancing existing debt and funding new projects”.

The VM bond is being offered in three tranches and will earn 9.75 per cent per annum for an 18-month term, 10 per cent per annum for a 24-month term, and 10.5 per cent per annum for a two-year term, which will transition from fixed to floating interest rates for an additional year. Initial investments of over $5 million will also yield higher interest rates of up to 11.5 per cent.

VM Wealth Management is the sole broker and arranger for the offer.