Meridian looks to issue bonds as well as notes

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Meridian Energy is pushing ahead with its first issue of retail bonds and will shortly resume its Renewable Energy Bonds programme once documentation is revised to reflect the impacts of electricity industry reforms announced earlier this month by Energy Minister Gerry Brownlee.

Tuesday, December 22nd 2009, 9:26PM

At this stage, Meridian is only testing public interest in its proposed issue of up to $200 million in five-and seven-year Renewable Energy Bonds. The REBs will be senior retail bonds offered on a minimum subscription of $5,000, with an intended offer size of $150 million and the ability to accept up to $50 million in oversubscriptions.

The offer is expected to open in late January 2010 and Meridian is applying to have the bonds NZX-listed. Meridian is seeking preliminary indications of interest.  No indication of interest will involve an obligation or commitment of any kind. 

No money is currently being sought and no applications for the REBs will be accepted or money received unless the subscriber has received an Investment Statement. Very inter

Meridian's spokesman Alan Seay confirmed also that the company's existing Renewable Energy Bonds, which were suspended when the Brownlee reforms were announced, would be relaunched once new legal documentation was complete. 

There was no change in the proposed size of either the notes or bonds programmes, he said. 

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