Sharechat Logo

Infratil defers opening of sale of 2022 bonds to amend prospectus for Labour-Greens plan

Wednesday 24th April 2013

Text too small?

Infratil, the Wellington-based investment group managed by Morrison & Co, says its sale of up to $100 million of June 2022 bonds won't open as planned today because it needs to amend the prospectus for the Labour Party-Greens power plan.

"Although the prospectus discloses changes in the regulatory environment as one of the principal risks of an investment in infrastructure bonds, the amendment will include additional information about the Labour-Green proposals so that prospective bond investors can consider that additional information in their decision making," Infratil's Tim Brown said in a statement.

The opening date for the sale of the bonds, which carry a coupon of 6.85 percent, will be deferred until the changes are made, he said.

The decision to delay the sale follows tweaks to MightyRiverPower's prospectus this week to take into account the Labour-Greens proposal to establish a central buying agency and market regulator, NZ Power, that would tender for new generation capacity as part of a strategy to drive down power prices.

The opposition proposal is also likely to have a bearing on other companies that tap debt markets including Contact Energy, whose shares suffered when the plan was first announced.

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:

Tourist numbers perk up in August as Aussies more than offset declining Asian demand
Peters to unions: strikes not helpful; no word on Fair Pay Agreements
Oil and gas critical to global emissions reduction effort - BP
Ebos pays A$34m for medical devices businesses
House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements
NZ Rugby not ready for a seat at Sky board table

IRG See IRG research reports