Monday 13th August 2018
|Text too small?|
Z Energy is considering a six-year, unsubordinated, secured, fixed rate bond offer just as $150 million of existing notes are due to be repaid.
The offer to New Zealand institutional and retail investors is expected to open next week, the Wellington-based company said in a statement. Z Energy did not specify how much it wanted to raise and said it expects to announce the full details when the offer opens "which is expected to be in the week beginning Aug. 20." The bonds are expected to be quoted on the NZX Debt Market.
Z Energy currently has four retail bond issues quoted on the NZX Debt Market, providing $505 million of funding. The four issues include $150 million maturing Aug. 15 with a coupon of 7.25 percent, which last traded at a yield of 3.5 percent.
The transport fuels company appointed Deutsche Craigs, Forsyth Barr and Westpac Banking Corp as joint lead managers. Westpac is also the organising participant in relation to the proposed offer, it said.
Z Energy shares last traded at $7.28 and have lost 6 percent over the past 12 months.
No comments yet
MARKET CLOSE: NZ shares dip as global trade jitters weigh on A2, F&P
NZ dollar set for weekly gain after Reserve Bank surprise
Burger Fuel exploring sale after review questions listing merits
New net migration data to remain rubbery for quite some time
NZX to push sales this year after reshaping business dents 2018 profit
Slowing new orders growth weighs on January PMI
New NZ dry dock a basis for new industry - KiwiRail
Wellington Drive beats 2H sales forecast, will meet earnings guidance
NZIQS decides more training is the answer to past president's misconduct
February 15th Morning Report