Spark issues 10-year bond, paying 3.94%

Spark New Zealand is to raise $125 million in 10-year bonds, paying investors an interest rate of 3.94 percent. 

The Auckland-based telecommunications company is paying 1.55 percent above the ten-year swap rate, the latest in a string of companies looking to refinance debt at a time when interest rates in New Zealand are at a record low.

The bonds will be issued on Sept. 7 2016 and mature on Sept. 7 2026.

ANZ and Westpac were joint lead managers.

Shares in Spark were unchanged at $3.81 and have risen by 16.1 percent since the start of the year.

BusinessDesk.co.nz

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