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Before 1986 the company Orica (previously known as ICI) entered into agreements with trustee companies whereby debentures were issued to the public pursuant to two debenture trust deeds which provided limitations on the amounts which the company might borrow. On 31 May 1986 the total outstanding on the two trust deeds was about $98.7 million. On that date the company wished to raise new funds for expansion and debt was the most efficient method. On 6 June 1986 the company entered into four assum
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