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

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news