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

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news