MRP mighty river power limited (ns)

Ann: GENERAL: MRP: Mighty River Power completes successful...

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    • Release Date: 09/07/14 15:54
    • Summary: GENERAL: MRP: Mighty River Power completes successful Capital Bond offer
    • Price Sensitive: No
    • Download Document  1.73KB
    					MRP
    09/07/2014 15:54
    GENERAL
    
    REL: 1554 HRS Mighty River Power Limited (NS)
    
    GENERAL: MRP: Mighty River Power completes successful Capital Bond offer
    
    Mighty River Power has today confirmed, following the close of the Capital
    Bond offer yesterday, that $300 million of unsecured subordinated Capital
    Bonds will be issued with an initial interest rate of 6.90% per annum.
    Chief Financial Officer, William Meek, said that the company was pleased with
    the successful completion of one of the largest corporate debt issues of this
    type in New Zealand. The Capital Bond offer was well supported by new
    investors in Mighty River Power and existing shareholders who chose to
    participate, either through the firm allocations or through the public pool.
    
    The interest rate for the Capital Bonds until the 11 July 2019 (the first
    reset date) was set today at 6.90% per annum (being the sum of the swap rate
    plus the initial margin). This exceeds the minimum interest rate of 6.80%
    announced prior to the opening of the offer.
    The Capital Bond offer was oversubscribed by 20% ($50 million) with $280
    million allocated to clients of bookbuild participants and $20 million to
    participants of the public pool. As the public pool was fully subscribed,
    there was scaling within the public pool with preference given to Mighty
    River Power shareholders as detailed in the Simplified Disclosure Prospectus.
    
    Investors will be sent their allocation information on 14 July 2014 and
    applications for the Capital Bonds that were not accepted will be refunded
    for the part of the application which was not accepted on 15 July 2014.
    The Capital Bonds will commence trading on the NZX Debt Market from 12:00pm
    on 11 July 2014.
    End CA:00252586 For:MRP    Type:GENERAL    Time:2014-07-09 15:54:03
    				
 
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