Bond issue from Powerco

Chairman Barry Upson says the issue will be launched in the New Zealand market in the first half of this year, subject to shareholder approval.

"This issue will provide longer-term securities to replace the present short term bank facility, which was utilised to acquire the Hutt Valley and Porirua Basin gas distribution networks from AGL late in 2001."

Mr Upson says the company continually reviews its capital structure to provide the necessary platform for future acquisitions, mergers and other growth initiatives.

A process is underway to select a lead manager to bring the bonds to market and pricing and other terms and conditions will be confirmed closer to the issue date.

The company says the new issue will help expand the current breadth of NZ support in the marketplace while providing opportunities for existing security holders to increase their investment.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Powerco, showing resilience in face of recession, posts first-half profit
Longstanding Powerco chief financial officer retires
Powerco profit on target
Powerco mulls joint bid for HED
Powerco all fired up
Special Report: Electricity - Worth A Flutter?
Infratil keeps finger in Powerco pie