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- Release Date: 04/07/12 13:34
- Summary: GENERAL: TPW: TrustPower Limited considers Retail Subordinated Bond Issue
- Price Sensitive: No
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TPW
04/07/2012 11:34
GENERAL
REL: 1134 HRS TrustPower Limited
GENERAL: TPW: TrustPower Limited considers Retail Subordinated Bond Issue
4 July 2012
Market Announcement
TrustPower Limited considers Retail Subordinated Bond Issue
TrustPower Limited ("TrustPower") is considering making an unsecured,
subordinated, fixed interest bond issue to the public ("Bond Offer"),
comprising a combined general offer and an exchange offer.
The net proceeds of the Bond Offer will be used to refinance an existing
issue of subordinated bonds maturing 15 September 2012 ("Series 2012 Bonds")
and by TrustPower for general corporate purposes.
It is expected that the Bond Offer will be for an amount of:
o up to $75 million under the general offer, with the option to accept up to
a further $50 million of oversubscriptions at TrustPower's discretion; and
o up to $75 million under the exchange offer, depending on the number of
holders of Series 2012 Bonds who elect to participate.
TrustPower is seeking preliminary indications of interest in both the general
and exchange offers.
It is proposed that holders of Series 2012 Bonds will have the opportunity
via the exchange offer to apply some or all of the proceeds from the
redemption of their Series 2012 Bonds to the subscription of new bonds,
subject to the maximum size of the exchange offer. In respect of the
exchange offer, TrustPower is seeking preliminary indications of interest
from holders of the Series 2012 Bonds through a letter that is being sent to
these bondholders ("Pre-Registration Letter"). It is anticipated that
TrustPower will give holders of Series 2012 Bonds, who have given an
indication of interest in the manner set out in the Pre-Registration Letter,
priority participation on a first in first served basis in any exchange
offer.
As part of its planning for the Bond Offer, TrustPower has appointed Forsyth
Barr Limited as Arranger. Parties interested in the general offer can
register their interest now with the Arranger (contact details below) or
their usual financial advisor,
Arranger: Forsyth Barr Limited
0800 367 227
www.forsythbarr.co.nz
Indications of interest will not involve an obligation or commitment of any
kind. No money is currently being sought and no application for subordinated
bonds will be accepted or money received unless the subscriber has received a
copy of a simplified disclosure prospectus in relation to the subordinated
bonds.
It is expected that full details of the Bond Offer will be released and the
offer will open in the week commencing 6 August 2012, once a simplified
disclosure prospectus has been registered.
end.
Letter to holders attached.
End CA:00224626 For:TPW Type:GENERAL Time:2012-07-04 11:34:38
