Z Energy pumps for $150 million of bonds
Z Energy, which owns the former Shell operations, is going ahead with an up to $150 million offer of seven-year senior retail bonds.
Thursday, July 5th 2012, 9:44PM
by Jenny Ruth
The offer of bonds maturing November 15, 2019 is expected to open on Wednesday, July 18 with the interest rate announced to the stock exchange's debt market two days earlier.
The bonds will rank equally with Z Energy's other two bond issues and with its banks.
The joint lead managers of the issue are Craigs Investment Partners, Forsyth Barr and Westpac.
Z Energy's $150 million of bonds maturing August 2018 which were issued last year have a 7.25% coupon while its $147 million of bonds maturing October 2016 which were issued in 2010 have a 7.35% coupon.
Following last year's bond issue, the degree of unsatisfied demand led Z Energy to consider an immediate further issue but it then decided against this.
The decision to go ahead with the current offer follows TrustPower's announcement yesterday it may issue up to $200 million of bonds.
Z Energy is a joint-venture between listed infrastructure investor Infratil and the government's New Zealand Superannuation Fund.
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