Shake up sees notes suspended
Meridian Energy has suspended its offering of new Renewable Energy Notes following government's decision to shake up the electricity market.
Wednesday, December 9th 2009, 5:54PM
Under the Ministerial Review into the Electricity Market ownership of two of Meridian's South Island hydro stations are to be transferred to its sister SOE Genesis.
Energy Minister Gerry Brownlee said that the Tekapo A and Tekapo B hydro stations - the first two of the eight-station chain operated by Meridian on the Waitaki - will transfer to Genesis.
Meridian has ceased to accept all new applications for the Notes and maturing Notes will be unable to be rolled over. Existing Notes are unaffected by this suspension.
The suspension will be in place while Meridian studies the detail of the announcement and considers the effect of the announcement on the offer documentation.
Meridian has a Standard and Poor's BBB+ rating and was offering notes for terms of nine, 12 and 18 months with rates ranging between 5 and 5.25%
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