Friday 29th July 2011
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Z Energy Limited ('Z Energy') today said that after careful consideration it would not at this time be proceeding with an additional bond issue beyond the issue currently in the market.
On 19 July 2011, Z Energy announced that demand for its current offer of retail bonds, which have an interest rate of 7.25% p.a. and mature on 15 August 2018, had been exceptionally strong and oversubscriptions of NZ$50 million were to be accepted, increasing the offer size to NZ$150 million.
Following this strong investor support for the current bond offer and with a number of investors missing out, Z Energy investigated the possibility of an additional bond offer to support investors wanting to increase their participation in the Z Energy business.
Z Energy Chief Executive Mike Bennetts today said the decision not to re-enter the bond market was a question of timing.
"We're very pleased with the strong investor support for Z Energy's current issue but, after looking carefully at the market, we have decided that the timing is not right for another offer of bonds."
Mike Bennetts said it was possible that Z Energy would return to the bond market in the future. "At the completion of the existing issue, we will have undertaken two very successful retail bond issues in the New Zealand bond market over the last 12 months and we value the support shown to us by domestic investors. We have decided we will close the current bond offer in a way that leaves investors with a clear market and leaves our options open for a further offer at some time in the future."
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