(The following statement was released by the company)
WELLINGTON, Nov 27 - TrustPower Limited ('TrustPower') has today announced an offer of up to $125 million fixed rate Senior Bonds to the public, offering investors an opportunity to invest in a majority New Zealand owned renewable electricity generation and retailing business.
There is provision for oversubscriptions of up to $50 million to be accepted.
The offer opens today and is expected to remain open until 18 December 2009 (or such other date as TrustPower may determine) and will be available to both retail and institutional investors.
The Senior Bonds will be offered in two tranches:
75 million 5 year Senior Bonds, maturing on 15 December 2014; and 50 million 7 year Senior Bonds, maturing on 15 December 2016.
The interest rates on the Senior Bonds have been set at 7.60% p.a. for the 5 year Senior Bonds and 8.00% p.a. for the 7 year Senior Bonds.
The Senior Bonds are direct, unsecured, unsubordinated debt obligations of TrustPower. The obligations of TrustPower under the Senior Bonds will be guaranteed on an unsecured basis by certain subsidiaries of TrustPower Limited. The funds raised from this issue of Senior Bonds will be used by TrustPower for general corporate purposes, including the repayment of debt.
Interest will be paid quarterly in arrears with the first interest rate payment date scheduled to occur on 15 March 2010.
TrustPower has allocated approximately $72 million 5 year Senior Bonds and $44 million 7 year Senior Bonds to NZX Primary Market Participants under the firm allocation process. Both tranches remain open for further applications.
ANZ, part of ANZ National Bank Limited and Craigs Investment Partners Limited have been appointed as Joint Lead Managers.
Bank of New Zealand has appointed as Co-Manager.
Investors may contact the Joint Lead Managers, the Co-Managers, or their usual NZX Primary Market Participant to request a copy of the Simplified Disclosure Prospectus dated 27 November 2009.
- ANZ, part of ANZ National Bank Limited: 0800 269 476,
www.anz.co.nz/ipo; or
- Craigs Investment Partners Limited: 0508 226 226 www.craigsip.com
- Bank of New Zealand: 09 375 1391
The simplified Disclosure Prospectus is also available on TrustPower's website: www.trustpower.co.nz/Investor Centre/Key Investor Information/Senior Bond Issue.
The minimum application amount in respect of each tranche of the Senior Bonds is $5,000 and in multiples of $1,000 thereafter.
Application has been made to NZX for permission to list the Senior Bonds 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, the Senior Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement.
NZX is a registered exchange under the Securities Markets Act 1988.
Applications for Senior Bonds can only be made using the application form included in the Simplified Disclosure Prospectus. No applications for Senior Bonds issued by TrustPower will be accepted or money received unless the subscriber has received the Simplified Disclosure Prospectus for the offer.
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
WELLINGTON, Nov 27 - TrustPower Limited ('TrustPower') has today announced an offer of up to $125 million fixed rate Senior Bonds to the public, offering investors an opportunity to invest in a majority New Zealand owned renewable electricity generation and retailing business.
There is provision for oversubscriptions of up to $50 million to be accepted.
The offer opens today and is expected to remain open until 18 December 2009 (or such other date as TrustPower may determine) and will be available to both retail and institutional investors.
The Senior Bonds will be offered in two tranches:
75 million 5 year Senior Bonds, maturing on 15 December 2014; and 50 million 7 year Senior Bonds, maturing on 15 December 2016.
The interest rates on the Senior Bonds have been set at 7.60% p.a. for the 5 year Senior Bonds and 8.00% p.a. for the 7 year Senior Bonds.
The Senior Bonds are direct, unsecured, unsubordinated debt obligations of TrustPower. The obligations of TrustPower under the Senior Bonds will be guaranteed on an unsecured basis by certain subsidiaries of TrustPower Limited. The funds raised from this issue of Senior Bonds will be used by TrustPower for general corporate purposes, including the repayment of debt.
Interest will be paid quarterly in arrears with the first interest rate payment date scheduled to occur on 15 March 2010.
TrustPower has allocated approximately $72 million 5 year Senior Bonds and $44 million 7 year Senior Bonds to NZX Primary Market Participants under the firm allocation process. Both tranches remain open for further applications.
ANZ, part of ANZ National Bank Limited and Craigs Investment Partners Limited have been appointed as Joint Lead Managers.
Bank of New Zealand has appointed as Co-Manager.
Investors may contact the Joint Lead Managers, the Co-Managers, or their usual NZX Primary Market Participant to request a copy of the Simplified Disclosure Prospectus dated 27 November 2009.
- ANZ, part of ANZ National Bank Limited: 0800 269 476,
www.anz.co.nz/ipo; or
- Craigs Investment Partners Limited: 0508 226 226 www.craigsip.com
- Bank of New Zealand: 09 375 1391
The simplified Disclosure Prospectus is also available on TrustPower's website: www.trustpower.co.nz/Investor Centre/Key Investor Information/Senior Bond Issue.
The minimum application amount in respect of each tranche of the Senior Bonds is $5,000 and in multiples of $1,000 thereafter.
Application has been made to NZX for permission to list the Senior Bonds 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, the Senior Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement.
NZX is a registered exchange under the Securities Markets Act 1988.
Applications for Senior Bonds can only be made using the application form included in the Simplified Disclosure Prospectus. No applications for Senior Bonds issued by TrustPower will be accepted or money received unless the subscriber has received the Simplified Disclosure Prospectus for the offer.
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
