Transpower to sell up to $300m of bonds maturing in 2015, 2019

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.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7194 0.0014 0.19%
AUD 0.9357 0.0000 0.00%
EUR 0.6794 0.0009 0.13%
GBP 0.5786 0.0011 0.19%
HKD 5.5835 0.0116 0.21%
JPY 80.9440 -0.0380 -0.05%

Commods

Commodity Price Change Time
Gold Index 1258.8 -4.220 2017-02-27T00:
Oil Brent 56.4 -0.030 2017-02-27T00:
Oil Nymex 54.0 0.070 2017-02-27T00:
Silver Index 18.4 0.010 2017-02-27T00:

Indices

Symbol Open High Last %
NZX 50 7079.2 7167.5 7079.2 1.25%
NASDAQ 5835.0 5861.9 5845.3 0.28%
DAX 11858.1 11860.8 11804.0 0.16%
DJI 20808.7 20851.3 20821.8 0.08%
FTSE 7243.7 7285.2 7243.7 0.13%
HKSE 23952.6 24007.8 23925.0 -0.01%
NI225 19194.7 19268.0 19107.5 0.67%
ASX 5724.2 5755.6 5724.2 -0.21%