Fonterra sold a total $350 million of the bonds, which pay annual interest of 4.33%, or 75 basis points over the comparable swap rate.
TrustPower (NZX: TPW) is considering a bond issue of up to $100m in a bid to repay debt and boost its maturity profile.
In a statement to NZX today, the electricity generator said it intends to offer up to $75m in senior bonds with the option to accept up to $25m in oversubscriptions at TrustPower’s discretion.
The senior bonds will have a term of about seven years, maturing on 15 December 2017.
Fonterra will cap its latest New Zealand bond offer at $250 million in contrast to its oversubscribed effort in February last year.
Late yesterday Fonterra confirmed it was considering making an offer of senior unsecured bonds.
The dairy co-operative’s treasury general manager Stephan Deschamps told NBR the details of the offer would be announced in the next few weeks but was firm on its upper limited.
Early last year, Fonterra was seeking to raise $300 million with bonds offering a minimum 7.75% return, but with an ability to accept over subscriptions.