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Genesis Energy launches $225 mill bond offer

Genesis Energy is looking to raise up to $225 million through a senior bond issue with the money raised being used for general corporate purposes, including the repayment of debt.

Wednesday, December 3rd 2008, 9:46AM
Chairman Brian Corban says the bond issue provides New Zealanders with an opportunity to invest in a government-owned business that plays a significant role in New Zealand’s energy sector. While Genesis Energy is government owned, the Crown does not guarantee the bonds or any of the other obligations of Genesis Energy.

The bonds will be direct, unsecured, unsubordinated debt obligations of Genesis Energy and are expected to be issued in two tranches, one maturing on 15 March 2014 and the other on 15 March 2016. Standard & Poor’s have assigned an investment grade rating of BBB+ to the bonds.

The bonds are expected to offer a competitive rate of return, with the minimum coupon and margin for each tranche to be set on or about 1 December 2008. The final interest rates will be set on 23 December 2008.

The offer opens on December 3 and close on December 19.

ABN AMRO has been appointed Lead Manager for the Offer. The co-managers to the offer are ABN AMRO Craigs, ANZ National Bank, First New Zealand Capital and Forsyth Barr.

« Who has got a guarantee?SCF opens bond offer »

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