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Trustpower to raise up to $125M in seven-year bond offer
Trustpower to raise up to $125M in seven-year bond offer
By Paul McBeth
Nov. 14 (BusinessDesk) - Trustpower, the power company controlled by Infratil, wants to raise up to $125 million in a seven-year bond offer, which it plans to refinance an upcoming bond maturity, and use the rest for general purposes.
The Tauranga-based utility is considering an exchange offer and general offer to raise between $100 million and $125 million, selling bonds paying annual interest of 5.63 percent, it said in a statement. It expects the offer to open on Nov. 17, when it will release further information.
"Trustpower is considering making an offer of new seven year bonds to refinance its maturing TPW080 bonds and for general corporate funding," it said.
The company has $75 million of bonds, paying annual interest of 7.6 percent, maturing on Dec. 15.
Earlier this month, Trustpower posted a 16 percent gain in first-half profit after lifting retail electricity sales and said it is seeking more wind farm opportunities in Australia.
The company's shares rose 0.4 percent to $7.73, and have gained 18 percent this year.
(BusinessDesk)
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