By Rebecca Howard
June 5 (BusinessDesk) - Meridian Energy is considering offering up to $200 million of seven-year unsecured, unsubordinated fixed rate bonds to institutional and New Zealand retail investors.
The bond offer would be for $150 million with the ability to accept up to $50 million in oversubscriptions and Meridian said it expects to announce full details of the offer next week when the offer is expected to open. It didn't provide any details about what the funds would be used for and didn't immediately respond to a request for comment.
Meridian has appointed ANZ Bank New Zealand and Westpac Banking Corporation (acting through its New Zealand branch) as joint lead managers and Deutsche Craigs and Forsyth Barr as Co-Managers in relation to the bond offer.
Meridian had total borrowings of $1.16 billion as at Dec. 31 versus $1.19 billion a year earlier.
Meridian shares last traded at $3.06 and have lifted 5.5 percent so far this year.