Z Energy calls off further bond issue
Z Energy, formerly Greenstone Energy Finance, has called off an immediate additional bond issue after deciding the timing isn't right.
Friday, July 29th 2011, 5:00PM
After selling $150 million in its latest issue of seven-year bonds yielding 7.25% and maturing August 15, 2018, Z Energy said on July 19 the degree of unsatisfied demand led it to consider another issue maturing Septmeber 2019.
Z Energy chief executive Mike Bennetts says the decision is a matter of timing and the company may return to the bond market later.
"We have decided we will close the current bond offer in a way that leaves investors with a clear market and leaves our options open for a further offer at some time in the future," Bennetts 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.
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