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

 

Meridian Energy offers up to $200 mln in retail bond offer

Meridian Energy offers up to $200 mln in retail bond offer

By Rebecca Howard

June 11 (BusinessDesk) - Meridian Energy is offering up to $200 million in seven-year unsecured, unsubordinated fixed rate bonds to institutional and New Zealand retail investors.

The bonds have a maturity date of June 27, 2025, and the indicative margin for the Bonds is 1.30-to-1.40 percent per annum, subject to a minimum interest rate of 4.20 percent per annum. The margin and interest rate will be set following a bookbuild process on June 15, it said.

The offer opens today and will close June 15, following the bookbuild process, with bonds expected to be issued June 27.

The retail bond issue proceeds will be used for general corporate purposes including the partial re-finance of Meridian’s bank bridge facility used for the recent acquisition of hydro assets in Australia, it said in an investor presentation.

There is no public pool for the bonds, which will be reserved for the clients of ANZ Bank New Zealand, Westpac Banking Corp (acting through its New Zealand branch), Deutsche Craigs, Forsyth Barr and NZX participants.

The bonds are expected to be quoted on the NZX Debt Market and have a long-term credit rating of BBB+ from S&P Global Ratings.

Meridian shares last traded at $3.14 and have lifted 9.4 percent over the past year.

(BusinessDesk)


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5%: GDP Growth Eases Slightly

Gross domestic product (GDP) rose 0.5 percent in the March 2018 quarter, Stats NZ said today. This followed a 0.6 percent increase in the December 2017 quarter. Growth in service industries more than offset a fall in construction activity. More>>

ALSO:

Baby Formula: Fonterra Satisfied With Beingmate's Response To Error

Fonterra Cooperative Group is satisfied Beingmate Baby & Child Food is taking the right steps to deal with a labelling issue after getting caught out in a widespread audit by Chinese regulatory authorities. More>>

ALSO:

Adjusted, A Deficit: Current Account Turns To Surplus

New Zealand's current-account turned to a surplus in the first quarter, bolstered by the services balance as tourism remained strong. More>>

ALSO:

Housing: Foreign Buyer Ban Gets Smoother Edges

Amendments to the government’s foreign buyer ban, if introduced, would give overseas investors more leeway to put money into New Zealand housing developments. More>>

ALSO:

Te Kuha: Govt Declines Application To Mine Conservation Land

An application to mine coal on public conservation land near Te Kuha in the Buller District has been declined, Minister of Conservation Eugenie Sage and Minister of Energy Resources Megan Woods announced today. More>>

ALSO: