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

 

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news