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
Most listened to
- David Seymour says the government is hypocritical to believe EVs are next big thing but also need help
- Tech investment commentator Ben Kepes slams GeoOp
- In his Editor’s Insight, Nevil Gibson reports on a conference to reduce air traffic congestion in Asia-Pacific
- Hamish McNicol talks about arm’s length dealings with offshore FSPR ratbags
- Still hope for TPP insists trade expert Stephen Jacobi