BUSINESSDESK: Transpower New Zealand, the state-owned national grid operator, will sell up to $300 million of bonds for working capital and to help fund its network upgrade.
The offer is for $200 million of unsecured, unsubordinated bonds with up to $100 million of over-subscriptions. The debt will be sold in two maturities, a December 3, 2015, issue with a floating interest rate and a September 6, 2019, fixed-rate issue, it says.
The 2019 bonds are expected to be quoted on the NZDX market starting on September 7. The debt will have an AA- credit rating with Standard & Poor’s.
The interest rates will be announced following a bookbuild on August 31. Australia & New Zealand Banking Group and Bank of New Zealand are the joint lead managers for the sale.
Wellington-based Transpower last week reported to $84.8 million profit for the 12 months ended June 30, up from $78.5 million a year earlier. The grid company will have a $205 million final dividend.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Sky will take a gamble and put Westworld, aka 'the next Game of Thrones' on Neon
- Warminger stood to gain significant bonus, court hears
- 'Real housewife' lawyers up, accuses Devoy of bullying, defamation
- Affco tried to gag union badmouthing Talleys as condition of meat contract talks
- Spark says 130,000 Xtra mail address at risk after Yahoo hack
Most listened to
- FMA counsel Justin Smith QC described Mr Warminger’s background and the pressure he was under to perform
- Media Snapchat: NBR’s Nick Grant ponders the Human Rights Commission’s role in RHOAKL racism row
- ASB's Jane Turner discusses what's behind NZ's widest month trade deficit
- Kathmandu's Xavier Simonet and Reuben Casey talk through the retailer's results.
- BNZ's Kymberly Martin and Massey University's David Tripe on mortgage rates.