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


Second Bond Issue for Mighty River Power

Second Bond Issue for Mighty River Power

Mighty River Power is to make a new offer into the Fixed Rate Domestic Bond market for $100 million, with the right to accept over-subscriptions of up to $50 million.

The Bonds will be for a period of approximately eight years, with Mighty River Power having the option to make early repayment in September 2006.

This issue follows a similar issue in May for up to $200 million, an offer that was heavily oversubscribed.

“The support for that first offer and the opportunity to further lengthen our average debt maturity profile and diversify our debt portfolio encouraged us to go ahead with a second bond issue,” says Mighty River Power Chief Executive, Doug Heffernan.

This bond issue, together with the initial issue, will ensure the company’s core debt requirements are met through secure longer term facilities. Existing shorter term facilities will provide flexibility for the company to respond to profitable investment opportunities.

The interest rate to be paid on the unsecured, unsubordinated Bonds until September 2006 is expected to be set on 22 August 2003. If Mighty River Power elects not to repay the Fixed Rate Domestic Bonds in September 2006, the interest rate will be reset at that time for the period until the Maturity Date of 15 September 2011.

The minimum application will be for $5,000 with multiples of $1,000 over the minimum. This offer is expected to open on 25 August and close on 12 September 2003. Credit rating Agency Standard & Poor’s have assigned a preliminary BBB long term rating to the issue.

Confirmation of the rating is expected on the final pricing and execution of the documents. Details of the offer are contained in the Investment Statement and the Registered Prospectus dated 7 August 2003.

Potential investors may, from the opening date, obtain a copy of the Investment Statement and the Registered Prospectus from their financial advisors or Mighty River Power’s website at The Investment Statement can also be requested on 0800 22 00 10.

Deutsche Bank and National Bank of New Zealand are Joint Lead Managers for the issue.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news