Ann: GENERAL: TRP: Transpower launches bond offer

• Release Date: 23/06/15 09:01
• Summary: GENERAL: TRP: Transpower launches bond offer
• Price Sensitive: No
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					TRP
23/06/2015 09:01
GENERAL
PRICE SENSITIVE
REL: 0901 HRS Transpower New Zealand Limited

GENERAL: TRP: Transpower launches bond offer

Transpower New Zealand Limited (TRP) confirmed today that it is offering
NZ$50 million of senior bonds to institutional investors and to New Zealand
retail investors, including an option to accept oversubscriptions up to NZ$25
million at its discretion.

The offer opens today and will be made pursuant to the Financial Markets
Conduct Act 2013 as an offer of debt securities of the same class as existing
quoted debt securities.  The notice required by the Financial Markets Conduct
Regulations 2014 has been provided to NZX and is attached.  The bonds are
expected to be quoted on the NZX Debt Market.

Full details of the bond issue are contained in the pricing supplement which
has been prepared for the offer and is attached.

The offer will open with an indicative margin range of 0.62 per cent to 0.67
percent for the bonds maturing on 30 June 2022.  An announcement of the
actual margin (which may be above or below the abovementioned indicative
margin range) and the interest rate on the bonds will be made following the
bookbuild process, expected to be on 25 June 2015.  The pricing supplement
will be updated to include the interest rate and will be released on the same
day.

The bonds are expected to be quoted on the NZX Debt Market and are expected
to be assigned a long term credit rating of AA- by Standard and Poor's and A1
by Moody's.

There is no public pool for the offer, with 100 per cent of the bonds
reserved for clients of Bank of New Zealand (as lead manager), NZX
participants and other approved financial intermediaries.  The offer will
close on 25 June 2015 following the bookbuild process. TRP has the ability
to accept oversubscriptions up of to NZ$25 million in the bookbuild at its
discretion.

Interested investors should contact their usual financial advisor for more
details.

Rebecca Wilson, Corporate Communications Manager, Transpower, (04) 590 6995,
021 578 608

BNZ 0800 284 017
End CA:00266016 For:TRP    Type:GENERAL    Time:2015-06-23 09:01:16