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

 

Utilicorp Issues $125 Million Of FRN’s

Utilicorp Issues $125 Million Of FRN’s In The New Zealand Market

Auckland, 12 April; Deutsche Bank AG New Zealand announced today that it has arranged NZ$125 million of Floating Rate Note Issues for UtiliCorp Finance NZ Company. NZ$100 million of the notes are for 1 year and $25 million of the notes are for 6 months. The 1 year notes carry a coupon that will be set at 57 basis points over bank bill each quarter. Settlement takes place on the 12th April 2002 and the proceeds will be used to repay maturing FRN’s. Deutsche Bank was Lead Manager of the issue with Bank of New Zealand as Co-Manager.

UtiliCorp Finance NZ Company is wholly owned and guaranteed by Aquila Inc, USA. Aquila Inc is rated BBB with stable outlook and the notes carry a short term rating of A2 from Standard and Poor’s.

FRN’s continue to be a popular asset type with institutional investors. The pricing of this issue has needed to be increased from previous issues due to the more difficult conditions in global credit markets and the maturities were arranged to match investor demand. This name continues to be well supported in the New Zealand market as the company has continued to generate strong and stable earnings and has improved its financial profile with significant equity raisings in the last 12 months.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: