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Z Energy to sell up to $150M of 7-year bonds paying 7.25%
Z Energy to sell up to $150M of 7-year bonds paying 7.25% annual interest
June 29 (BusinessDesk) - Z Energy Ltd., the chain of petrol stations owned by Infratil Ltd., plans to sell up to $150 million of bonds, the second such sale since it emerged from the assets acquired from Shell New Zealand last year.
The bonds will mature Aug. 15, 2018, and carry a coupon of 7.25%, the company said in a statement. Z Energy will offer $100 million of the debt with scope for oversubscriptions of $50 million. The sale will open on July 8 and close on Aug. 5.
Z Energy’s other shareholder is New Zealand Superannuation Fund. The debt securities rank behind Shell's security over petroleum products that the oil company has supplied to Z Energy but not yet been paid for, it said.
ANZ National Bank, First New Zealand Capital Securities, Forsyth Barr and Westpac Institutional Bank are managing the sale.
(BusinessDesk)
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