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UnitedNetworks confirms notes issue

By Phil Boeyen, ShareChat Business News Editor

Wednesday 11th April 2001

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UnitedNetworks (NZSE: UNL) has confirmed it has issued around A$200 million of 10-year credit wrapped notes, in addition to the A$260 million 7-year notes that were priced on April 9th.

The electricity and gas company says the transaction completes the initial issuance under its A$1 billion Australian debt issuance programme, announced last week.

Proceeds from the notes will be will be used to refinance existing bank debt in New Zealand.

UNL is not releasing any pricing details but says the notes were place by National Australia Bank acting as lead manager,.

The company recently finalised a $175 million six-year bond issue in New Zealand at a coupon rate of 6.5%.

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