Wednesday 27th February 2013 |
Text too small? |
MightyRiverPower, the first state-owned enterprise slated for a partial sale this quarter, has raised $100 million from institutional investors in two wholesale bond issues to repay debt.
The electricity generator and retailer sold $75 million of six-year bonds paying annual interest of 5.029 percent and $25 million of 10-year bonds paying 5.793 percent annually, it said in a statement.
The bonds are part of a refinancing programme and the proceeds will be used for general corporate purposes. As at Dec. 31, MRP held $305.7 million of debt coming due in the following 12 months, and $727 million of non-current loans.
"The issue was taken up by a broad range of local institutional investors and we're delighted with the continued support for MightyRiverPower from the domestic debt market," chief financial officer William Meek said.
"The success of the bond issue will lengthen our debt maturity profile to more than five years following the company's repayment of its retail bond in May 2013," he said.
Bank of New Zealand was the sole lead arranger for the bond issue.
BusinessDesk.co.nz
No comments yet
Rua approves debt facility to accelerate sales.
PCT - Precinct FY25 Third Quarter Dividends
MEL - Ampol exits retail electricity, Meridian takes on customers
Deposit scheme reduces risk, boosts trust - General Finance
May 12th Morning Report
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