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Ann: GENERAL: TRP: Transpower New Zealand Limited launches bond...

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    • Release Date: 25/11/15 09:35
    • Summary: GENERAL: TRP: Transpower New Zealand Limited launches bond offer
    • Price Sensitive: No
    • Download Document  2.21KB
    					TRP
    25/11/2015 09:35
    GENERAL
    PRICE SENSITIVE
    REL: 0935 HRS Transpower New Zealand Limited
    
    GENERAL: TRP: Transpower New Zealand Limited launches bond offer
    
    Transpower New Zealand Limited (Transpower) confirmed today that it is
    offering senior bonds to New Zealand retail investors and to institutional
    investors.  The offer opens today.
    
    The offer is being 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.
    
    The offer comprises NZ$75 million (with the ability to accept up to NZ$50
    million in oversubscriptions at Transpower's discretion) of unsecured,
    unsubordinated bonds which are to mature on 30 June 2022 (Bonds).  The Bonds
    will form part of the same tranche as Transpower's existing 4.30% per annum
    fixed rate bonds issued on 30 June 2015 (TRP030).  Full details of the Bonds
    issue is set out in the attached Pricing Supplement (No. 9).
    
    The indicative issue margin range for the Bonds is set out in Pricing
    Supplement (No. 9).  An announcement of the actual issue margin, together
    with the issue price for the Bonds is expected to be on 27 November 2015,
    following the bookbuild process.  The offer is expected to close on the same
    day following the bookbuild process and an updated pricing supplement will be
    released shortly thereafter.
    
    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 Westpac Banking Corporation (acting through its New
    Zealand branch) (as lead manager), NZX participants and other approved
    financial intermediaries.
    
    Interested investors should contact the lead manager (details below) or their
    usual financial adviser for more details.
    
    Ends
    
    For assistance, please contact:
    Rebecca Wilson
    Corporate Communications Manager, Transpower
    (04) 590 6695, 021 578 608
    
    Westpac
    0800 942 822
    End CA:00274037 For:TRP    Type:GENERAL    Time:2015-11-25 09:35:24
    				
 
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