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


Mighty River Power Sets Bond Interest Rate

Mighty River Power Sets Bond Interest Rate

Mighty River Power Limited today set the interest rate for the initial five year period of its ten year $200 million fixed rate bond issue at 7.01% per annum.

Mighty River Power announced the unsecured, unsubordinated Bond issue last week with the offer opening tomorrow (15 April 2003) and closing on 7 May 2003.

The Bonds will bear interest at 7.01% per annum from the issue date of 9 May 2003 to 15 May 2008 on which date the interest rate shall be reset for the period until the Maturity Date of 15 May 2013. This reset will occur unless the Issuer exercises its right to repay all the Bonds in full on 15 May 2008. Application must be for a minimum aggregate principal amount of $5,000. Interest for the first interest period is payable to the original subscriber.

Chief Executive Dr Doug Heffernan said good support had been received for the issue during discussions with institutional investors and brokers last week.

"We are seeking to diversify our debt portfolio and improve the liquidity of our funding through this issue," says Dr Heffernan. "Funds from the bond issue will be used principally to repay short term bank debt, which will further extend the Company's debt maturity profile and diversify debt sources."

Deutsche Bank and National Bank of New Zealand are Joint Lead Managers for the issue. ABN AMRO Craigs and JB Were are Co-Managers to the issue.

Details of the offer are available to potential investors in the Investment Statement and the registered prospectus each dated 7 April 2003. Investors may obtain a copy of the Investment Statement by contacting their financial advisors or from the Company's website at The Investment Statement can also be requested on 0800 22 00 10.

© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>