VM Investments returns to market to raise $4.8 billion 

VM Investments Limited (VMIL) plans to raise up to $4.8 billion through a new bond offer, with the bulk of the proceeds earmarked to retire an older bond rather than fund new growth.
"The proceeds of this offer will be used primarily to refinance existing debt facilities. Through the issuance of the bonds, VMIL intends to extend the maturity profile of its current obligations and improve its debt-servicing capacity," Chairman Michael McMorris said in the prospectus.