The power company says it intends to raise $75 million through a seven-year bond issue, with the ability to accept up to $25 million in over-subscriptions. The money will be used to pay down bank borrowings, and extend the maturity deadline of its total debt facilities.
The fixed interest rate will be determined after a bookbuild process, and the senior bonds will be unsecured, unsubordinated debt obligations, ranking pari passu with existing bank debt and senior bonds.
The offer will open in the week beginning September 20 once a simplified disclosure prospectus has been registered.
The lead managers are ANZ National Bank and Forsyth Barr.
Businesswire.co.nz
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