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Media release

EastPack announces $30 million Notes issue to meet growth in kiwifruit demand

EastPack announces $30 million Notes issue to meet growth in kiwifruit demand

EastPack, the largest post-harvest operator in the New Zealand kiwifruit industry and one of the country’s largest cooperatives, today announced that it intends to raise $30 million via an issue of five-year subordinated Notes to New Zealand investors. EastPack will have the ability to take oversubscriptions of up to $10 million.

The amount raised will help expand packing capacity at EastPack including processing and packing efficiency.

The minimum interest rate for the Notes will be 8.5% per annum, paid quarterly in arrears. The interest rate is set annually and will be set at the higher of the minimum rate or the five-year government bond plus 4.5%. The initial interest rate is 8.9% per annum.

In its discretion, EastPack may redeem the Notes any time after 3 years. There is no intention to list the Notes on the NZX debt market but the notes will be tradeable via Syndex.

Lead underwriter and specialist primary sector investment company MyFarm Investments has underwritten $15 million of the capital raising. MyFarm is also the lead broker for the issue; the arranger is M C Capital Limited.

EastPack Chief Executive Hamish Simson said: “Over the next five years, kiwifruit volumes are set to grow significantly with Zespri’s latest five-year outlook seeing an increase in total New Zealand Class 11 supply from 178 million to 238 million trays in 20262. To accommodate this growth in international demand, EastPack will continue to expand its packing capacity to process the additional kiwifruit from our growers. Most of this growth is already planted and on its way.”

EastPack Chairman John Loughlin said: “EastPack has a strong track record of investment, innovation and delivery. We have experienced sound financial performance since we were founded in 1980, supported by a grower-owned cooperative structure with predictable and reliable supply.

“Our business model generates strong cashflows that means that we have been comfortable funding most of our growth via bank debt. This issue provides the opportunity to diversify our funding sources further, adding resilience to our balance sheet. Shares in EastPack can only be owned by growers but this issue provides all New Zealanders the opportunity to invest in the long-term growth of the country’s number one horticultural export.”

The offer is open from today (14 November 2022) and will close at 5pm on 12 December 2022. The Notes are expected to be issued on 16 December 2022. The maturity date for the Notes will be 16 December 2027 (subject to any earlier redemption by EastPack).

The minimum investment amount will be $20,000 with multiples of $10,000 after that. The offer is open to investors in New Zealand. EastPack is the issuer of the Notes. 

The product disclosure statement and other details of the offer are available here or by contacting the MyFarm Investments team at or by calling 0800 693 276.


EastPack was founded in 1983 and is New Zealand’s leading grower-owned Kiwifruit Post-Harvest company, providing services to more than a quarter of the industry’s Growers. EastPack plays an integral part of the kiwifruit supply chain; packing fruit to strict quality and packaging specifications and storing fruit to maximise shelf life and ensure a quality product is delivered to market. EastPack has approximately 380 permanent staff, with around 4000 seasonal workers during the kiwifruit season. With six sites across the Bay of Plenty, in Te Puke, Edgecumbe, Opotiki and Katikati, EastPack has a strong commitment to these local communities.


Any past performance information should not be relied upon as an indication of future performance. This document may contain certain "forward-looking" statements about EastPack and the environment in which EastPack operates. No assurance can be given that actual outcomes or performance will not materially differ from any forward-looking statements and accordingly such forward-looking statements should not be relied upon in isolation.

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