Ann: PROSPECT: TRP: Transpower announces Indicati

• Release Date: 20/11/13 11:53
• Summary: PROSPECT: TRP: Transpower announces Indicative Issue Margin Range
• Price Sensitive: No
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					TRP
20/11/2013 09:53
PROSPECT

REL: 0953 HRS Transpower New Zealand Limited

PROSPECT: TRP: Transpower announces Indicative Issue Margin Range

Transpower New Zealand Limited ("Transpower") today announced the following
indicative issue margin range in relation to its offer of up to NZ$100
million (with the ability to accept up to a further NZ$100 million in
oversubscriptions) of unsecured, unsubordinated bonds ("Bonds").

The indicative issue margin range for the Bonds, which are to mature on 30
November 2018, is 0.80 - 0.85 per cent per annum.  The Bonds will be
fungible, and will together form one tranche, with the existing Transpower
fixed rate bonds issued on 30 November 2011 (TRP010).

The Bonds are expected to be quoted on the NZX Debt Market, the debt security
market operated by NZX Limited ("NZX"), from 2 December 2013.

An announcement of the actual issue margin for the Bonds will be made on or
shortly after 25 November 2013.

The interest rate payable in respect of the Bonds will be 5.14 per cent per
annum. The issue yield of the Bonds will be the aggregate of the base rate
(which is to be determined as set out in pricing supplement no. 7 dated 15
November 2013 ("Pricing Supplement") on 27 November 2013), plus the issue
margin for the Bonds.  The issue price per bond will be determined on 27
November 2013 by reference to the issue yield in accordance with the Reserve
Bank of New Zealand semi-annual bond pricing formula, which can be obtained
from the Lead Manager upon request.

Investors interested in the offer should contact the Lead Manager, Westpac
Banking Corporation (acting through its New Zealand Branch), on 0800 942 822,
or their usual financial adviser, to request a free copy of the simplified
disclosure prospectus dated 15 November 2013 ("Prospectus") and the Pricing
Supplement.

Applications for Bonds can only be made using the application form included
in the Prospectus. No applications for Bonds will be accepted or money
received unless the subscriber has received a copy of the Prospectus and the
Pricing Supplement. The minimum application amount is for Bonds with a
principal amount of at least NZ$5,000 and in multiples of NZ$1,000
thereafter. Interest will be paid by Transpower on the Bonds to the
bondholders as at the relevant record date on each interest payment date
specified in the Pricing Supplement.

Application has been made to NZX Limited ("NZX") for permission to list the
Bonds on the NZX Debt Market and all the requirements of NZX relating to that
application that can be complied with on or before the date of the Prospectus
have been duly complied with. However, NZX accepts no responsibility for any
statement in the Prospectus, the Pricing Supplement or this announcement. NZX
is a registered exchange, and the NZX Debt Market is a registered market,
each regulated under the Securities Markets Act 1988.

For further information, please contact: Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00244046 For:TRP    Type:PROSPECT   Time:2013-11-20 09:53:17