Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Powerco To Issue $100 Million Of Capital Bonds

Thursday, April 04, 2002

Powerco today confirmed that it intends to issue up to $100 million of capital bonds to New Zealand investors.

The capital bonds will be used to refinance its acquisition of the Hutt Valley & Porirua Basin gas networks, which were purchased by Powerco in July 2001.

Powerco Chairman Barry Upson said “Issue of the capital bonds is subject to the approval of Powerco shareholders, and we plan to call a special meeting of shareholders on 3 May 2002 to seek their approval for the issue. “

Mr Upson said Powerco expects that the capital bonds will be offered to investors in early May, subject to shareholder approval for the issue.

Mr Upson also advised that Powerco has asked Standard & Poor’s to review Powerco’s credit rating on the basis that the capital bond issue is approved by shareholders, and Standard and Poor’s have also been asked to assess the proposed terms of the capital bond for a credit rating for the proposed issue.

ABN AMRO Rothschild and ABN AMRO Craigs have been appointed as joint lead managers to assist Powerco with the proposed capital bond issue.

Powerco expects to release its audited financial results for the year ended 31st March 2002 in mid April.

Powerco is New Zealand’s third largest electricity and gas utility with around 205,000 customer connections. Powerco has networks in Taranaki, Wanganui, Manawatu, Wairarapa and Wellington with an asset base approaching $875m.

/ Ends

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news