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MightyRiverPower lengthens debt book with US placement

Wednesday 3rd November 2010

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State-owned electricity supplier MightyRiverPower has lengthened the average maturity of its debt book to 7.5 years from 4.9 years following a US$200 million private placement with American institutional investors.  

A combination of 10-, 12- and 15-year notes has been issued, with settlement of the transaction expected to be in December 2010.

The proceeds of the debt-raising, arranged by the National Australia Bank/Bank of New Zealand, will be used to refinance existing short-term bank debt and allows MRP to tap longer-term funding options than are currently available in New Zealand, the company’s chief executive, Doug Heffernan says.

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