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

 


Successful completion of bookbuild for MRP Capital Bond offe

NEWS RELEASE

17 June 2014

Successful completion of bookbuild for MRP Capital Bond offer

Mighty River Power today announced the successful completion of the bookbuild process for its Capital Bond offer and a minimum interest rate set at 6.80%.

Chief Financial Officer, William Meek, said the bookbuild was well supported and $280 million of unsecured subordinated Capital Bonds have been reserved for clients of participants in the bookbuild process who received firm allocations.

Recognising that some New Zealanders will not have a broking relationship, Mighty River Power has made the balance of the offer ($20 million) available to a public pool. Preference in the public pool will be given to existing shareholders if scaling is required.

The minimum interest rate in the first five years for the Capital Bonds has been set at 6.80% per annum and the initial margin is 2.25% per annum. The interest rate until the first reset date will be set on 9 July 2014 as the higher of the:
• minimum interest rate (6.80%); or
• five year swap rate plus the initial margin.

The offer opens tomorrow and closes on Tuesday 8 July 2014 at 5pm and is only available to New Zealand residents. Successful applicants will be paid ‘early bird’ interest at the interest rate from the date their application monies are banked to the issue date. This interest will be paid as soon as practicable following the issue date.

Applications for Capital Bonds must be made using the form included in the Simplified Disclosure Prospectus. Interested investors should contact one of the Joint Lead Managers to the offer (listed below) or an Authorised Financial Advisor to request a free copy of the Simplified Disclosure Prospectus, which can also be viewed on www.mrpcapitalbonds.co.nz

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

ENDS

All applicants will need to complete the application form that accompanies the Simplified Disclosure Prospectus. You should read the whole of the Simplified Disclosure Prospectus before deciding whether to apply for the Capital Bonds.

Application has been made to NZX for permission to quote the Capital Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this announcement have been duly complied with. However, the Capital Bonds have not yet been approved for trading and the NZX accepts no responsibility for any statement in this announcement. The NZX Debt Market is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Markets Act 1988. NZX has authorised NZX Primary Market Participants to act on the offer. Neither the Crown nor any other persons guarantees the Capital Bonds.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news