Sharechat Logo

Mercury NZ Limited lodges Product Disclosure Statement for green bond offer

Friday 21st August 2020

Text too small?

Mercury NZ Limited (Mercury) has announced an offer of up to $150 million (with the ability to accept up to $50 million in oversubscriptions) of 7 year unsecured, unsubordinated fixed rate green bonds (Green Bonds) maturing on Tuesday 14 September 2027 to institutional investors and New Zealand retail investors.

The offer is expected to open on Monday 31 August 2020 and close on Friday 4 September 2020.

Mercury has a corporate credit rating from S&P Global Ratings of BBB+ (stable outlook). The Green Bonds are expected to be assigned a credit rating of BBB+.

The proceeds of the Green Bonds are intended to be earmarked to finance and refinance Eligible Projects in accordance with Mercury’s Green Financing Framework dated August 2020. The proceeds are expected to be primarily earmarked to construction of the Turitea wind farm.

Mercury has appointed ANZ Bank New Zealand Limited (ANZ) as Arranger and Green Bond Co-ordinator, and ANZ, Bank of New Zealand, Craigs Investment Partners Limited and Forsyth Barr Limited as Joint Lead Managers in relation to the offer.

Full details of the offer are contained in the Product Disclosure Statement (PDS) which was lodged today and has been provided to NZX with this announcement. The PDS is also available through www.mercury.co.nz/green- bonds or by contacting a Joint Lead Manager or your usual financial adviser, and must be obtained by investors before they decide to acquire any Green Bonds.

There is no public pool for the offer, with all of the green bonds being reserved for clients of the Joint Lead Managers, NZX participants and other approved financial intermediaries.

Investors can register their interest by contacting a Joint Lead Manager or their usual financial adviser.

This offer is being made in accordance with the Financial Markets Conduct Act 2013 and the Green Bonds are expected to be quoted on the NZX Debt Market.

Source: Mercury NZ Limited




  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:

Heartland announces FY20 full year results
Geo Limited releases its FY20 Annual Report
Michael Hill International Limited announces 2020 annual report
Tower supports climate risk reporting
Tourism Holdings Limited Updated FY20 guidance
The Bankers Investment Trust Plc- Issue of Equity
Oio Consents to Acquisition of Metlifecare
Summerset Considers Retail Bond Offer
Z seeks previous corporate employees for remediation payment
SkyCity Announces Full Year Results

IRG See IRG research reports