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- Release Date: 27/05/14 14:58
- Summary: GENERAL: MRP: Mighty River Power considers capital bond offer
- Price Sensitive: No
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MRP
27/05/2014 12:58
GENERAL
REL: 1258 HRS Mighty River Power Limited (NS)
GENERAL: MRP: Mighty River Power considers capital bond offer
Mighty River Power announced today that it is considering making an offer to
the New Zealand public of up to $250 million of unsecured subordinated
capital bonds, including an option to accept an additional $50 million of
oversubscriptions.
Chief Financial Officer, William Meek, said proceeds from the offer would be
used for general corporate purposes including the repayment of bank debt and
extending Mighty River Power's average term of its funding profile.
Mr Meek said that full details of the offer would be released in the next
three weeks with the minimum interest rate finalised following a bookbuild
process. The minimum interest rate will be announced on or prior to the
opening of the offer. The Company expects the capital bonds to be eligible
for intermediate equity content (50%) from Standard & Poor's.
Forsyth Barr, ANZ, Deutsche Craigs and Goldman Sachs have been appointed
Joint Lead Managers. Mr Meek said the Company was seeking preliminary
indications of interest, with the offer expected to open in the week
beginning 16 June 2014. Interest may be registered by contacting one of the
Joint Lead Managers or an authorised financial advisor.
Contact information for the Joint Lead Managers:
o Forsyth Barr 0800 367 227
o ANZ 0800 269 476
o Deutsche Craigs 0800 226 263
o Goldman Sachs 0800 555 555
No indications of interest will involve an obligation or commitment of any
kind. No money is currently being sought and no applications for Capital
Bonds will be accepted or money received unless the subscriber has received a
Simplified Disclosure Prospectus.
ENDS.
For further information:
David Glendining
Head of Communications
0272 105 337
Anna Hirst
Head of Investor Relations
0275 173 470
End CA:00250916 For:MRP Type:GENERAL Time:2014-05-27 12:58:48
