TPW
03/11/2014 10:59
GENERAL
REL: 1059 HRS TrustPower Limited
GENERAL: TPW: Trustpower Limited Considers Senior Bond Issue
Trustpower has $75 million of senior bonds (TPW 080) maturing 15 December
2014.
Trustpower is considering making an offer of new seven year bonds to
refinance these maturing bonds and for general corporate funding. The offer
will comprise an exchange offer and a general offer, in total Trustpower
intends to raise $100 - 125 million.
The Exchange Offer will provide existing holders of the TPW080 bonds an
opportunity to exchange their bonds (up to an aggregate cap of $50 million)
on a first come, first served basis.
The General Offer is expected to seek to raise up to $75 million from retail
and institutional investors.
Trustpower has appointed Westpac Banking Corporation (acting through its New
Zealand branch) as sole Arranger to manage the offer process.
The issue will be undertaken in reliance on the exclusion for an offer of
debt securities of the same class as a quoted debt security under the
Financial Markets Conduct Act 2013. We expect this will enable a more
efficient issue and documentation process.
Trustpower intends to provide roadshow presentations to NZX broking firms in
Wellington on Friday 7 November and Auckland on Monday 10 November.
The interest rate for the intended offer is expected to be set through a
bookbuild process with selected NZX broking firms and persons invited to
participate in the bookbuild process, on or about Friday 14 November.
The General and Exchange Offers are expected to open on or about Monday 17
November, with the Exchange Offer to close on or about Tuesday 2 December and
the General Offer to close on or about Monday 8 December. Full details of
the offer are expected to be released on or about Friday 14 November.
No money is currently being sought and no applications for securities will be
accepted or money received until the offer opens and a subscriber has
received the limited disclosure document required to be provided under
regulations to the Financial Markets Conduct Act 2013.
Robert Farron
Chief Financial Officer
021-224-7275
End CA:00257141 For:TPW Type:GENERAL Time:2014-11-03 10:59:19
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