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

 


Sky TV mulls $100 mln retail bond offer

Sky TV mulls $100 mln retail bond offer

By Paul McBeth

Feb. 18 (BusinessDesk) - Sky Network Television, the country’s dominant pay-TV operator, is mulling a retail bond offer to raise up to $100 million.

The Auckland-based company is seeking preliminary indications of interest on what will probably be a seven-year unsecured, unsubordinated fixed rate bond, it said in a statement. Sky TV expects to release full details of the offer in the coming two weeks.

ANZ Bank New Zealand has been appointed arranger, organising participant and joint lead manager, and Bank of New Zealand and Westpac Banking Corp are also joint lead managers.

Sky TV has $200 million in 10-year bonds listed on the New Zealand stock exchange paying annual interest of 3.62 percent, which mature in October 2016. The notes last traded at $97.55 per $100.

At last October’s annual meeting, Sky TV said it was anticipating increased capital expenditure of between $100 million and $120 million in the 2014 financial year, and is developing a host of new products aimed at providing content over tablet and mobile devices.

The company is expected to report its first-half result next Monday, and First NZ Capital anticipates it will lift earnings 9 percent to $74.1 million.

Earlier this month Sky TV ended a decade-long resale partnership with Telecom Corp, which has dipped its toes into other content arrangements including a distribution deal with web-based broadcaster Coliseum Sports Media to play the English Premier League football.

The shares were unchanged at $5.75 at today’s open, and have slipped 1.5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news