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Repayment of Retail Bond
News Release
16
May2013
Repayment of Retail Bond
Mighty River Power today confirms the repayment of its $200 million retail bond that matured.
The repayment of the bond follows a refinancing programme Mighty River Power undertook over the last six months, establishing $200 million new bank facilities in February 2013 and issuing $100 million of wholesale bonds in March 2013.
Mighty River Power’s Chief Financial Officer, William Meek, said that, following completion of the successful refinancing programme and the repayment of the retail bond, the Company had lengthened the debt maturity profile to 5.3 years and drawn debt now stood at $1,010 million.
“These debt levels, together with our cash flow metrics, are consistent with our bbb stand-alone credit rating comparable to our listed peers,” said Mr Meek.
The Company benefits from a one-notch uplift to BBB+ credit rating due to the Crown’s majority ownership. Standard & Poors reaffirmed this rating of BBB+ Stable in April 2013, he said.
ENDS
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