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Transpower plans to sell as much as $200M of five-year bonds to bolster finances

Friday 15th November 2013

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Transpower, the state-owned national electricity grid operator, plans to sell as much as $200 million of five-year bonds to bolster its finances.

The Wellington-based state-owned enterprise will offer $100 million, with the potential for a further $100 million in oversubscriptions, of unsecured unsubordinated bonds with a 5.14 percent annual interest rate, it said in a statement.

"Proceeds from the issue of bonds are intended to be applied for general corporate purposes, including the capital expenditure requirements of the Transpower group," the company said.

The issue price per bond will be determined on Nov. 27, following a bookbuild process. The bonds are expected to be listed on the NZX debt market with a credit rating of AA- by Standard & Poor's and A1 by Moody's Investors Service, Transpower said.

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