MightyRiverPower lengthens debt book with US placement

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.

Businesswire.co.nz

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

PFI - Q3 Div & Upgraded FY25 Div Guidance, FY26 Div Guidance
AIA - Auckland Airport announces leadership team change
May 9th Morning Report
May 8th Morning Report
NZME Takeovers Panel determination
MNW - Commerce Commission clears the Contact Energy acquisition
May 7th Morning Report
General Capital Appoints New CFO
SUM - Summerset Considers Retail Bond Offer
SKC - Updated FY25 Full Year Earnings Guidance