Ann: LISTING: TPW: TrustPower Announces Subordina

• Release Date: 26/07/12 12:43
• Summary: LISTING: TPW: TrustPower Announces Subordinated Bond Offer
• Price Sensitive: No
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TPW
26/07/2012 10:43
LISTING

REL: 1043 HRS TrustPower Limited

LISTING: TPW: TrustPower Announces Subordinated Bond Offer

Market Announcement
26 July 2012

TrustPower announces subordinated bond offer
TrustPower Limited ("TrustPower") has today announced an offer of unsecured,
subordinated fixed rate bonds ("Bonds"), providing investors with a new
opportunity to invest in a majority New Zealand-owned renewable electricity
generation and retailing business.  The offer consists of:
-  a general offer ("General Offer") of up to $75 million (with the option to
accept up to an additional $50 million of oversubscriptions) to members of
the public resident in New Zealand; and
-  an exchange offer ("Exchange Offer") of up to $75 million to the holders
of TrustPower bonds maturing 14 September 2012 who are resident in New
Zealand.
A simplified disclosure prospectus ("Simplified Disclosure Prospectus") dated
26 July 2012 in respect of the offer was registered today, with the General
Offer and Exchange Offer expected to open on 9 August 2012. It is expected
that the Exchange Offer will close on 29 August 2012 and the General Offer
will close on 11 September 2012.
The indicative interest rate range for the Bonds is 6.75-7.00% per annum. The
final interest rate (which may be outside the indicative interest rate range)
will be determined and announced by TrustPower through NZX on or prior to the
offer opening date. The Bonds will have a term of approximately 7 years,
maturing on 15 September 2019 .
The Bonds are unsecured, subordinated fixed rate debt obligations of
TrustPower, ranking behind all senior creditors of TrustPower and equally
with all other unsecured subordinated liabilities.  The funds raised from the
issue of the Bonds will be used by TrustPower to fund repayment of
TrustPower's maturing bonds in September (where the redemption proceeds of
such bonds are not reinvested in Bonds under the Exchange Offer) and for
general corporate purposes.
The minimum application amount in respect of the Bonds is $5,000 and in
multiples of $1,000 thereafter.
Forsyth Barr Limited has been appointed Arranger and Organising Participant
to the offer, and Forsyth Barr Limited, Craigs Investment Partners Limited
and ANZ have been appointed as Joint Lead Managers.
No applications for Bonds will be accepted or money received unless the
subscriber has received the Simplified Disclosure Prospectus for the offer.
Investors may contact the Joint Lead Managers or their usual financial
advisor to request a copy of the Simplified Disclosure Prospectus.
o Forsyth Barr:    0800 367 227   www.forsythbarr.co.nz
o ANZ:   0800 269 476  www.anz.co.nz/ipo
o Craigs Investment Partners: 0800 226 263  www.craigsip.com
The Simplified Disclosure Prospectus is also available on TrustPower's
website: www.trustpower.co.nz/Investor Centre/Key Investor Information/Bond
Issue.
Applications for Bonds can only be made using the application form included
in the Simplified Disclosure Prospectus.
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.
End CA:00225326 For:TPW    Type:LISTING    Time:2012-07-26 10:43:47