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
- Soccer shocker: beIN won't launch standalone streaming service in NZ
- Air NZ’s CHRISTOPHER LUXON opens up on competition and declining earnings
- Will a merged Tesla-SolarCity put a solar-powered battery in every home?
- Cannabis reform needed but please cut the crap
- Why do media keep reporting claims obviously false?
Most listened to
- Sunday Business Episode 26: Air New Zealand CEO Christopher Luxon
- 'Grumpy as hell' Bill Bennett says he'll use a VPN to connect to Chelsea's club channel
- “Cut the cuteness about cannabis reform” - Matthew Hooton
- Rodney Hide thinks Winston Peters will be the future Maori king
- Ethical investment in KiwiSaver - David Cohen vs. Matt Nippert