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Powerco Capital Bond Issue Closes Fully Subscribed

Thursday, May 30, 2002

Powerco Chairman Barry Upson announced today that the issue of $100 million Capital Bonds closed on 29 May, fully subscribed.

Powerco, today set the interest rate for the Capital Bonds at 8.40%, which was the higher of the minimum rate indicated in the Investment Statement and Prospectus
and the interpolated semi-annual Government Stock rate plus a margin of 1.65%.

“We are very happy with the outcome, and the strong interest in the Capital Bonds is a positive reflection on Powerco’s recent financial results and the company’s history of growth through mergers and acquisitions over recent years,” said Mr Upson.

The $5 million preferential offer was oversubscribed and required scaling to achieve wide distribution amongst the applicants. The remaining $95 million was the subject of firm allocations to member firms of the New Zealand Stock Exchange.

Application has been made to quote the Capital Bonds on the NZSE, and this is expected to commence on 6 June 2002.

Powerco is New Zealand’s third largest electricity and gas distribution utility with around 205,000 customers connected to networks in Taranaki, Wanganui, Rangitikei, Manawatu, Wairarapa and Wellington, and has more than 16,000 shareholders.

/ends

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