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Good Demand For Mighty River Power Bonds

PRESS RELEASE
15 September 2003

Good Demand For Mighty River Power Bonds

Mighty River Power’s successful $100 million fixed rate bond issue closed on Friday (September 12) with an accepted oversubscription of $13.8 million.

Acting Chief Executive John Foote said the company was delighted with the support received for the issue, particularly as this was the second bond issue by the Company within a four-month period. In that period the company had raised more than $300million at very competitive rates from the New Zealand bond market. Mr Foote said that was a reflection of Mighty River Power’s credit quality.

“Feedback from the market indicated there was good interest in long-term, Triple B-rated corporate bonds from a single entity. That demand reflects the strength of the company’s balance sheet and confidence in Mighty River Power’s operating performance and financial position.

The $100 million bond offer was unsubordinated, unsecured over eight years with an early repayment option for the company to repay the bonds after just three years. The interest rate was set at 6.73% for the first three years.

Proceeds from the issue will be used to repay short-term bank debt, further extending the company’s debt maturity profile, to diversify its debt sources and provide greater flexibility to finance potential opportunities for new generation investment.

ENDS

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