Friday 24th August 2018
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Z Energy, New Zealand’s biggest fuel retailer, accepted $25 million of over-subscriptions in its latest bond offer.
The company will next month issue $125 million of the six-year, unsubordinated, secured, fixed-rate bonds. They mature on Sept. 4 2024 and will pay 4 percent interest annually – the bottom of the indicated range.
The proceeds will help refinance Z Energy’s $150 million, seven-year retail bond that matured on August 15. It paid 7.25 percent interest.
Z Energy has total term debt of about $910 million - $355 million of which matures during the next five years.
The shares rose 0.3 percent to $7.44.
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