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

 

Capital Bond offer – Announcement of Final Interest Rate

23 May 2011
Genesis Power

Capital Bond offer – Announcement of Final Interest Rate

Genesis Power Limited (trading as Genesis Energy) advises that its issue of $275 million unsecured, subordinated, Capital Bonds successfully closed on 18 May 2011 and the Capital Bonds will be issued today. The Capital Bonds are expected to commence trading on the NZDX on 24 May 2011. Investors are also expected to be sent their statements of holding on 24 May 2011.

Genesis Energy Chairman, Dame Jenny Shipley, said today she was delighted with the success of the issue and welcomes the many new investors who have chosen to invest in Genesis Energy.

The issue of the Capital Bonds completes the funding arrangements for the acquisition of the Tekapo A and B power stations. Genesis Energy looks forward to completing this acquisition on 1 June 2011 and completing the integration of the Tekapo Stations into the Company’s generation portfolio.

The interest rate payable up until the first Step-up Date (15 July 2016) was also set today at 8.50% per annum, being the Minimum Interest Rate as previously announced to the market on 15 April 2011. The first interest payment date is 15 July 2011, and interest will continue to be paid quarterly thereafter until redemption. The first interest payment will be made to the original subscriber.

The minimum holding for the Capital Bonds is $5,000. A copy of the Investment Statement and Prospectus for the offer is available at www.genesisenergy.co.nz/capitalbonds. Application has been made to NZX for permission to list the Capital Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of this media statement have been duly complied with. However, the Capital Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this media statement. NZX is a registered exchange (as defined in section 2(1) of the Securities Markets Act 1988).

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Federated Farmers: Applauds UK-Australia Free Trade Deal

News that Australia and the UK have signed a free trade agreement is a promising step forward in the fight against tariffs and protectionism, Federated Farmers says.
"It reinforces the international rules-based trading framework and is important for rural producers and global consumers," Feds President Andrew Hoggard says... More>>




ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>

Reserve Bank: Debt Serviceability Restrictions Added To Policy Toolkit

The Reserve Bank – Te Pūtea Matua and the Minister of Finance have agreed to update their shared Memorandum of Understanding (MoU) on macro-prudential policy and add debt serviceability restrictions to the list of potential tools available... More>>