Vector completes $1 billion refinancing
26 October 2005
Vector successfully completes $1 billion refinancing
Vector today announced that it had completed the refinancing of NZ$1 billion worth of acquisition facilities and also completed the joining of NGC Holdings Limited to the Vector borrowing group.
Vector has successfully issued debt totalling NZ$1 billion, all of which has been credit wrapped by MBIA Insurance Corporation and AMBAC Assurance Corporation and obtained ratings of AAA from Standard and Poor's and Aaa from Moody's.
Goldman Sachs JB Were lead managed the issue of three tranches of medium term notes, including a NZ$250 million 10 year, a NZ$400 million 12 year and a NZ$350 million 15 year tranche.
Vector chief executive Mark Franklin says the company was pleased with the issue, which was completed at very competitive interest rates.