Tuesday 20th December 2011 1 Comment
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Contact Energy sold $200 million of long-life bonds with a coupon of 8 percent, the minimum level of interest it flagged last month.
The 2042 bonds will pay that rate of interest through until Feb. 15, 2017, when Contact has the right to redeem the bonds or reset the interest rate at a ‘step-up margin’, which is the margin plus an annual step-up percentage of 0.25 percent.
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