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Z Energy to sell up to $150m in seven-year bonds

Z Energy, formerly Greenstone Energy Finance, plans to sell up to $150 million in seven-year bonds yielding 7.25%.

Wednesday, June 29th 2011, 8:41PM

The offer opens next Friday and is expected to remain open until August 5, unless extended by Z Energy.

The company says its offer gives New Zealand investors "an opportunity to invest in an emerging Kiwi brand, supported by 100 years of heritage and a track record of market-leading performance."

Z, a joint-venture between listed infrastructure investor Infratil and the government's New Zealand Superannuation Fund bought Shell's New Zealand petrol stations, 25% of Fly Buys and 17.1% of the listed New Zealand Refining Company for $696.5 million in April last year.

The bond issue, which will mature on August 15, 2018, will rank equally with last year's $147 million bond issue, which matures in October 2016, and with Z's banks.

Interest will be paid quarterly with the first payment on August 15 and will include "early bird" interest from the date subscription monies are banked.

The first bond issue aimed to raise $100 million plus up to another $100 million in over-subscriptions. They last traded at 6.85%, or just below $103 per $100 face value, compared with the 7.35% coupon.

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