Trustpower this afternoon announced details of a $125 million public bond offer, in a debt repayment plan.
Ebidtaf grew by 13.3% (to $154.9 million) and net profit by 6.2% (to $72.5 million), despite a 75% lower wholesale electricity price and a 9% drop in the country’s generation output.
In its interim result, chairman Bruce Harker said the company had just over the equivalent of $1 billion of committed debt funding in place. Group net debt was $721.3 milion to September 2009.
The bonds would rank equally with the company’s existing bank lenders, he said.
The fixed rate, senior bonds are available to both retail and institutional investors in two tranches and oversubscriptions of up to $50 million will be accepted.
Five-year bonds worth $75 million with a set interest rate of 7.60% a year would mature on December 15, 2014 and seven-year bonds worth $50 million with an 8.00% rate on December 15, 2016.
The minimum allocation amount is $5,000 and multiples of $1,000 after that.
The offer, which opens today until December 18, is for direct, unsecured, unsubordinated debt obligations, guaranteed on an unsecured basis by Trustpower’s subsidiaries.
ANZ and Craigs Investment Partners Limited have been appointed as joint lead managers, while Bank of New Zealand is co-manager.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Pumpkin Patch has three weeks to come up with options for bank
- Super Fund suspected window dressing at Milford
- ACC buys high, sells low as Intueri surprises investors with cascade of bad news
- Stonewood Homes liquidation becoming murkier
- Craig expected to seek judge-only High Court review of jury's $1.27m damages decision
Most listened to
- Week in Review: a wrap of NBR Radio's top stories, interviews and analysis
- Craig-Williams trial: Otago University defamation specialist on 'Where to from here?"
- Testy exchange over Super Fund evidence
- 'It’s not as big as it was last year but it’s still the biggest game in town' – Paul Maher talks up TVNZ's audience
- Hydroworks CEO Andrew Rodwell on the company's prospects post-funding.