Ann: PROSPECT: TRP010: Transpower launches listed

• Release Date: 15/11/13 14:01
• Summary: PROSPECT: TRP010: Transpower launches listed bond offer
• Price Sensitive: No
• Download Document  3.86KB

					TRP
15/11/2013 12:01
PROSPECT

REL: 1201 HRS Transpower New Zealand Limited

PROSPECT: TRP010: Transpower launches listed bond offer

Transpower New Zealand Limited ("Transpower") today announced it is making an
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 Bonds, which are to mature on 30 November 2018, 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.

Transpower is a State Owned Enterprise and 100% owned by the Crown. The Crown
does not guarantee the Bonds. Transpower plays two main roles central to the
operation and development of New Zealand's electricity power system. It is
the owner and the operator of the high voltage electricity transmission
system (National Grid) and the provider of co-ordination and security
functions for the power system (System Operator).

Net proceeds from the issue of Bonds are intended to be applied for general
corporate purposes, including the capital expenditure requirements, of the
Transpower Group.

The Bonds have been documented pursuant to a registered simplified disclosure
prospectus dated 15 November 2013 ("Prospectus") and pricing supplement no. 7
dated 15 November 2013 for the Bonds ("Pricing Supplement"). The full details
of the offer are contained in these documents.

Application has been made to NZX for permission to quote 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.

Transpower expects the Bonds will be assigned a credit rating of AA- by
Standard & Poor's and A1 by Moody's.

An announcement regarding the indicative issue margin range will be made on
or before the opening date. The opening date is expected to be 25 November
2013. An announcement of the issue margin will be made following the
bookbuild process, expected to be on or before 27 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 the Pricing Supplement, 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 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.

For further information, please contact: Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00243856 For:TRP    Type:PROSPECT   Time:2013-11-15 12:01:31