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

 


Mighty River Power considers capital bond offer

Mighty River Power considers capital bond offer


Mighty River Power announced today that it is considering making an offer to the New Zealand public of up to $250 million of unsecured subordinated capital bonds, including an option to accept an additional $50 million of oversubscriptions.

Chief Financial Officer, William Meek, said proceeds from the offer would be used for general corporate purposes including the repayment of bank debt and extending Mighty River Power’s average term of its funding profile.

Mr Meek said that full details of the offer would be released in the next three weeks with the minimum interest rate finalised following a bookbuild process. The minimum interest rate will be announced on or prior to the opening of the offer. The Company expects the capital bonds to be eligible for intermediate equity content (50%) from Standard & Poor’s.

Forsyth Barr, ANZ, Deutsche Craigs and Goldman Sachs have been appointed Joint Lead Managers. Mr Meek said the Company was seeking preliminary indications of interest, with the offer expected to open in the week beginning 16 June 2014. Interest may be registered by contacting one of the Joint Lead Managers or an authorised financial advisor.

Contact information for the Joint Lead Managers:

• Forsyth Barr 0800 367 227
• ANZ 0800 269 476
• Deutsche Craigs 0800 226 263
• Goldman Sachs 0800 555 555


No indications of interest will involve an obligation or commitment of any kind. No money is currently being sought and no applications for Capital Bonds will be accepted or money received unless the subscriber has received a Simplified Disclosure Prospectus.

ENDS.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news