TPW
17/11/2014 09:17
GENERAL
REL: 0917 HRS TrustPower Limited
GENERAL: TPW: Trustpower Senior Bond Issue Opens
17 November 2014
NZX Announcement
Trustpower Senior Bond Issue Opens
Trustpower has today opened an offer ("the Offer") of unsecured,
unsubordinated, fixed rate bonds (Bonds) to refinance its $75 million senior
bond (TPW 080) maturing on 15 December 2014.
The Bonds will have an interest rate of 5.63% per annum and will have a
maturity date of 15 December 2021.
The Offer consists of:
(a) a general offer ("General Offer") for an amount of up to $75 million
(with the ability to take up to $25 million in oversubscriptions) to members
of the public resident in New Zealand. $75 million of firm commitments have
been allocated to New Zealand market participants through a book build
process which has been used to set the interest rate for the Offer; and
(b) an exchange offer ("Exchange Offer") of up to $50 million to the holders
of Trustpower (TPW080) bonds maturing on 15 December 2014 who are resident in
New Zealand, on a first come first served basis.
The aggregate principal amount of the Offer will not exceed NZD 125 million.
There will be no public pool of Bonds.
The General Offer is expected to close at 5pm, Monday 8 December 2014. The
Exchange Offer is expected to close at 5pm on Tuesday, 2 December 2014.
A letter will be sent to existing holders shortly with a copy of the Terms
Sheet and an application form. Existing holders may also apply for bonds
under the General Offer.
No applications for Bonds will be accepted or money received unless the
subscriber has received the Terms Sheet for the Offer. The Terms Sheet for
the Offer is attached to this announcement.
Applications for Bonds can only be made using the relevant application form
included with the Terms Sheet.
Trustpower intends to use the proceeds from the Offer to refinance the
maturing senior bonds and for general corporate purposes.
The Offer is being made in accordance with the exclusion for offers of
financial products of the same class as quoted financial products provided in
the Financial Markets Conduct Act 2013. A notice has been lodged with NZX as
required by the Financial Market Conduct (Phase 1) Regulations 2014.
Application has been made to NZX for permission to quote the Bonds on the NZX
Debt Market and all the requirements of NZX relating thereto that can be
complied with on or before the date of distribution of this announcement have
been duly complied with. However, NZX accepts no responsibility for any
statement in this announcement. NZX is a registered exchange, and the NZX
Debt Market is a registered market operated by NZX, each regulated under the
Securities Markets Act 1988.
Robert Farron
Chief Financial Officer
Phone: (07) 572-9820
End CA:00257727 For:TPW Type:GENERAL Time:2014-11-17 09:17:54
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