Sharechat Logo

Vector bondholders have another two-month to wait

Monday 2nd June 2003

Text too small?
Vector's capital bond-holders may find out by the end of next month whether the company is going to proceed with a partial privatisaion, The NZ Herald reports.

Vector raised $307 million last September and sweetened the capital note offer by promising investors either priority rights to any share issue, or, it the issue doesn't proceed, an extra 1.50% interest on their bonds.

It said that if the float does not happen before September 30, then the interest rate on the bonds will increase from 8.25% to 9.75%.

Vector, which is New Zealand's largest power lines company, is owned by its customers through the elected Auckland Energy Consumer Trust.

Vector chairman Michael Stiassny says no commitment had been made to an initial public offering or listing.

The issue had been discussed at a board meeting last week, the Herald reports, and it intends to finalise a position with the trust in the next two months.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  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:

NZ dollar mixed, buffeted by Fed talk and downunder data
Super Fund can expect lower returns over next decade - review
ANALYSIS: Should penalties for continuous disclosure breaches be relaxed?
Fletcher seeks urgent talks on Ihumatao stalemate
NZ economy grows 0.5% in June quarter, beating expectations
Restaurant Brands lifts 2Q sales; appetite for KFC offsets ditched Starbucks
Auckland jet fuel arrangements a potential barrier to new entrants
NZ dollar weaker after Fed split on outlook for further US cuts
Leading judge says court administration model 'outdated'
MARKET CLOSE: NZ shares fall; Goodman placement sees property stocks sold

IRG See IRG research reports