MRP offer 'well supported'
Mighty River Power has confirmed $300 million of unsecured subordinated capital bonds will be issued with an initial interest rate of 6.9% a year.
Thursday, July 10th 2014, 12:20PM
Chief financial officer William Meek said the company was pleased with the successful completion of one of the largest corporate debt issues of this type in New Zealand.
The capital bond offer was well supported by new investors in Mighty River Power and existing shareholders, he said.
The interest rate for the capital bonds until July 11, 2019, the first reset date, was set at 6.9%.
The offer was oversubscribed by 20% ($50 million) with $280 million allocated to clients of bookbuild participants and $20 million to participants of the public pool.
As the public pool was fully subscribed, there was scaling within the public pool with preference given to Mighty River Power shareholders.
Investors will be sent their allocation information on July 14.
| « KIPT manager announces bond offer | KIPT bonds oversubscribed » |
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