Trustpower seeks to launch $150 Million bond programme

TrustPower directors said in a statement today the bonds, which are unsecured and subordinated, will have a $1 face value.

Shareholders will vote on the bond issue at the AGM on August 29.

The five-year Series 07 bond will pay 8.3 percent interest a year, and the 10-year Series 12 bonds will pay 8.5 percent per annum. Investors will have to pay at least $5000.

"The bond programme has been set up to provide the company with an alternative source of funding for new investment opportunities and to achieve a more efficient capital structure," TrustPower said.

TrustPower, majority owned by utilities investor Infratil, Alliant International NZ Ltd, The Australian Gas Light Co and the unlisted Tauranga Energy Consumer Trust, has 33 mainly hydro generating stations and about 290,000 retail customers.

Shares in TrustPower last traded yesterday at $3.40.

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