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- Release Date: 16/05/13 17:37
- Summary: GENERAL: MRP: Repayment of Retail Bond
- Price Sensitive: No
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MRP
16/05/2013 15:37
GENERAL
REL: 1537 HRS Mighty River Power Limited (NS)
GENERAL: MRP: Repayment of Retail Bond
Mighty River Power today confirms the repayment of its $200 million retail
bond that matured.
The repayment of the bond follows a refinancing programme Mighty River Power
undertook over the last six months, establishing $200 million new bank
facilities in February 2013 and issuing $100 million of wholesale bonds in
March 2013.
Mighty River Power's Chief Financial Officer, William Meek, said that,
following completion of the successful refinancing programme and the
repayment of the retail bond, the Company had lengthened the debt maturity
profile to 5.3 years and drawn debt now stood at $1,010 million.
"These debt levels, together with our cash flow metrics, are consistent with
our bbb stand-alone credit rating comparable to our listed peers," said Mr
Meek.
The Company benefits from a one-notch uplift to BBB+ credit rating due to the
Crown's majority ownership. Standard & Poors reaffirmed this rating of BBB+
Stable in April 2013, he said.
End CA:00236321 For:MRP Type:GENERAL Time:2013-05-16 15:37:40
