Sharechat Logo

Trustpower to raise up to $125M in seven-year bond offer

Friday 14th November 2014

Text too small?

Trustpower, the power company controlled by Infratil, wants to raise up to $125 million in a seven-year bond offer, which it plans to refinance an upcoming bond maturity, and use the rest for general purposes.

The Tauranga based utility is considering an exchange offer and general offer to raise between $100 million and $125 million, selling bonds paying annual interest of 5.63 percent, it said in a statement. It expects the offer to open on Nov. 17, when it will release further information.

"Trustpower is considering making an offer of new seven year bonds to refinance its maturing TPW080 bonds and for general corporate funding," it said.

The company has $75 million of bonds, paying annual interest of 7.6 percent, maturing on Dec. 15.

Earlier this month, Trustpower posted a 16 percent gain in first half profit after lifting retail electricity sales and said it is seeking more wind farm opportunities in Australia.

 

The company's shares rose 0.4 percent to $7.73, and have gained 18 percent this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report