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

 


New investment product: Renewable Investment Notes

Media Release
For immediate release: Monday 2 February 2009

Meridian offers new investment product: Renewable Investment Notes

New Zealand’s largest state-owned generator is offering Renewable Energy Notes so investors can help support its business in renewable energy.

Meridian’s Chief Financial Officer, Neal Barclay, says: “Investors will value knowing they are getting a good rate of return from a New Zealand company.”

“We’re committed to building new generation by harnessing our natural resources. The money raised through this investment programme will help us to continue to focus on our business goals, including generating renewable energy through our hydro stations and wind farms.”

Meridian has been working with independent experts in the market to build a good model for managing and operating the offer, which was launched first to its staff late 2008.


What is a Renewable Energy Note?
The RENs constitute direct, unsecured and unsubordinated debt obligations of Meridian. RENs are fixed-rate interest-bearing New Zealand dollar investments for a fixed period of 18 months or less.

Details of Renewable Energy Notes
Meridian has a Standard and Poor’s BBB+ financial rating and is offering Renewable Energy Notes as an investment product.
• Type: Term Investment
• Terms available: 9,12 and 18 months
• Interest paid quarterly
• Minimum investment: $2,000 and integral multiples of $500 thereafter.
• Offer period will close 31 March 2009

Interest Rates as at 2 February 2009

Term Interest rate
9 months 5.25% p.a.
12 months 5.00% p.a.
18 months 5.00% p.a.
Interest rates are subject to change.

How the RENs work
The investor can choose how much they want to invest, and pick a term that suits. The interest rate is fixed for the term selected and interest will be paid at the end of each quarter.

To request an Investment Statement, call 0800 635 736 or visit www.meridianenergy.co.nz/investments <http://www.meridian.co.nz/investments>

The Issuer is Meridian Energy Limited (“Meridian”). The Renewable Energy Notes (“RENs”) are senior, unsecured debt obligations of Meridian. The RENs are guaranteed by the companies that are from time to time guaranteeing group members under the trust deed that constitutes the RENs, currently being Meridian, MEL Holdings Limited, MEL (West Wind) Limited, MEL (Te Ä€piti) Limited and MEL (White Hill) Limited. The guarantee is not secured. The RENs are not guaranteed by the Government. The minimum holding of RENs is $2,000 and multiples of $500 thereafter.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news