|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, October 1st, 9:48PM


Latest Headlines

Z Energy mulls another bond issue

Z Energy, formerly Greenstone Energy Finance, is mulling yet another bond issue after its latest offering and its provision for over-subscriptions was fully met leaving unsatisfied demand.

Tuesday, July 19th 2011, 8:04PM

by Jenny Ruth

The company has sold $150 million in its latest issue of seven-year bonds yielding 7.25%.

"We've been very pleased with the strong support for our company from New Zealand investors," says chief executive Mike Bennetts.

"Based on the clear appetite from retail investors to invest further in Z Energy, we are discussing the possibility of opening another bond offer to satisfy this demand. The company is considering a bond maturing September 2019 and will make a decision over the coming week, Bennetts says.

The proceeds of a further issue would allow the company to further retire bank debt, increase its funding flexibility and extend the average maturity of its existing debt, he says.

Z, a joint-venture between listed infrastructure investor Infratil and the government's New Zealand Superannuation Fund, made a first issue last year of $147 million of bonds maturing October 2016. Investors are offering to buy these bonds at $103.03 per $100 face value or 7.1% compared with their 7.35% coupon.

« Bridgecorp investors to receive first meagre payout next monthHeartland increases capital raising to $58 million »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Heartland Bank 0.75  
Heartland Bank 0.75  
Rabobank 0.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and