UnitedNetworks crosses Tasman for cash

The company says it will use the programme to issue medium to long term debt securities in the Australian and Asian capital markets.

First up will be a credit enhanced bond issue for around A$470 million to be launched in the Australian financial markets over the next few weeks.

"The inaugural bond issue will enable UnitedNetworks to secure long term financing to match its asset base and reduces potential refinancing risk," the company says.

The bonds will be rated Triple-A by Moody's and Standard & Poor's and the proceeds will be used to repay existing bank debt in New Zealand.

UnitedNetworks last year paid $550 million to buy the Orion gas distribution network and has spent more money on a fibre optic network in Auckland and Wellington.

The company this week announced it had raised $175 million from a bonds issue on the domestic market. It had been seeking $200 million.

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:

Two listed lines companies make the grade
Special Report: Electricity - Worth A Flutter?