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

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news