TPW
11/11/2014 14:29
GENERAL
REL: 1429 HRS TrustPower Limited
GENERAL: TPW: Trustpower Limited Proposed Senior Bond Issue
Trustpower Limited Proposed Senior Bond Issue - Indicative Interest Rate
Range
Trustpower has $75 million of senior bonds (TPW 080) maturing 15 December
2014.
As announced on 3 November 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. Trustpower intends to raise $100 - 125 million.
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.
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 Friday 14 November. The indicative
pricing guidance is that the interest rate is likely to be set in a range of
1.30 - 1.50% above the seven year mid swap rate. The final interest rate
will be announced before the offer opens.
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:00257492 For:TPW Type:GENERAL Time:2014-11-11 14:29:07
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