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

 


MightyRiverPower raises $100M in wholesale bond issue

MightyRiverPower raises $100M in wholesale bond issue to repay debt

Feb. 27 (BusinessDesk) - MightyRiverPower, the first state-owned enterprise slated for a partial sale this quarter, has raised $100 million from institutional investors in two wholesale bond issues to repay debt.

The electricity generator and retailer sold $75 million of six-year bonds paying annual interest of 5.029 percent and $25 million of 10-year bonds paying 5.793 percent annually, it said in a statement.

The bonds are part of a refinancing programme and the proceeds will be used for general corporate purposes. As at Dec. 31, MRP held $305.7 million of debt coming due in the following 12 months, and $727 million of non-current loans.

"The issue was taken up by a broad range of local institutional investors and we're delighted with the continued support for MightyRiverPower from the domestic debt market," chief financial officer William Meek said.

"The success of the bond issue will lengthen our debt maturity profile to more than five years following the company's repayment of its retail bond in May 2013," he said.

Bank of New Zealand was the sole lead arranger for the bond issue.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news