Transpower launches bond offer

04 March 2019

Transpower New Zealand Limited (Transpower) has announced today that it is offering unsecured, unsubordinated fixed rate bonds to New Zealand retail investors and to institutional investors.

The offer is being made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX and is attached. The Bonds are expected to be quoted on the NZX Debt Market.

The offer is for up to NZ$100 million (with the ability to accept up to NZ$50 million in oversubscriptions at Transpower's discretion) of bonds, maturing on 14 March 2024. Full details of the offer are set out in the attached Pricing Supplement (No. 12).

The indicative issue margin for the bonds is 0.75% to 0.85% per annum. An NZX announcement of the issue margin, interest rate and issue amount is expected to be made on 7 March 2019, following the bookbuild process. The offer is expected to close on the same day, following the bookbuild process, with the bonds issued on 14 March 2019.

The bonds are expected to be quoted on the NZX Debt Market and are expected to be assigned a long term credit rating of AA- by S&P Global Ratings and Aa3 by Moody's.

There is no public pool for the offer, with 100 per cent of the bonds reserved for clients of ANZ Bank New Zealand Limited (as Lead Manager), NZX participants and other approved financial intermediaries.

Interested investors should contact the Lead Manager (details below) or their usual financial adviser for more details.

Lead Manager

ANZ Bank New Zealand Limited

0800 269 476

Ends

For assistance, please contact:

Laura Ackland,

Senior Corporate Communications Advisor, Transpower

(04) 590 6721; 027 5653 783

Downloads

Offer opening announcement [ pdf 247.56 KB ]
NZX Cleansing Notice [ pdf 102.35 KB ]