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Council launches bond issue

Council launches bond issue

Manukau City Council is launching a bond issue to raise up to $250 million with the right to accept up to a further $100 million in over subscriptions, with the proceeds going towards general financing for existing Auckland councils and after 1 November, for Auckland Council.

Manukau City Council finance director Dave Foster says before 1 November 2010, the council will on-lend some of the net proceeds from the sale of the bonds to other existing Auckland councils.

“Manukau City Council is carrying this bond issue out at the request of the Auckland Transition Agency. The funding will help provide the assets and facilities that will help in the future development of Auckland region and provide the infrastructure for our communities and businesses,” Mr Foster says.

The minimum subscription will be $5000 and subsequent amounts of $1000.

The offer opens on 1 September 2010 and closes on 24 September 2010.

The bonds will have maturity of seven years (maturing in September 2017).

The minimum interest rate and issue margin for the bonds will be set on 31 August 2010.

Details of the minimum interest rate and the issue margin will be available on the council’s website www.manukau.govt.nz under the “Bond Issue” link on that page on or before 1 September 2010.

Manukau City has appointed ANZ National Bank Limited and Craigs Investment Partners Limited as Arrangers and Joint Lead Managers for the offer. First NZ Capital Securities Limited and Goldman Sachs & Partners New Zealand Limited have also been appointed Joint Lead Managers, and Forsyth Barr is a Co-Manager.

The bonds are secured over the rates of Manukau City through a Debenture Trust Deed. They will have first ranking, alongside other council debt secured under that trust deed. From 1 November the bonds will be secured over the rates of Auckland Council.

A detailed description of the security including the effect of the Auckland regional governance reorganisation is set out in the Investment Statement, which will also be available on the council’s website.

ENDS

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