Sharechat Logo

Greenstone Energy mulls $100m bond sale

Tuesday 13th July 2010

Text too small?

Greenstone Energy, the relatively new owners of Shell’s New Zealand retail and distribution assets, is considering a retail bond issue to raise as much as $100 million.

The Infratil/NZ Super Fund-owned Greenstone took over Shell’s 230 service stations, 95 truckstops, a fuel storage network and distribution infrastructure, a 17% shareholding in the NZ Refining Company and a 25% shareholding in Loyalty New Zealand in April this year.

Its chief executive, Mike Bennetts, confirmed market speculation that such a capital raising may be in the wind.

“Documentation on a bond issue was currently being developed,” Bennetts said.

“While a final decision had yet to be taken, any bonds would likely mature from 2016 onwards.”

Any issue would be of secured bonds with bondholders sharing the same equal security ranking as Greenstone’s banks he said. The issue would be used to repay bank debt, with a final decision likely to be made by the end of July, at which time all documentation would be finalised.

Businesswire.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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report