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Contact Energy mulls $150 mln bond issue
Contact Energy mulls $150 mln bond issue
Nov. 2 (BusinessDesk) – Contact Energy is mulling a bond issue to raise up to $150 million to push out its funding maturities and give it greater flexibility.
The Wellington-based electricity generator is considering issuing unsecured, subordinated capital bonds to the public, it said in a statement to the NZX. The funds would “further optimise its capital structure through increasing financial flexibility and extending its term funding profile,” it said.
Contact has $550 million of bonds listed on the NZX’s debt market, paying 8 percent interest per annum. The bond’s mature in May 2014, and last traded at $1.0751 for every dollar bought.
The company said interested investors can register with Craigs Investment Partners, ANZ, ASB Institutional, Forsyth Barr, Westpac Institutional Bank and financial advisers.
Craigs is named as the arranger, and is joint lead manager with ANZ, ASB and Forsyth Barr. Westpac Institutional is named as co-manager.
Contact’s shares were unchanged at $5.68 in trading today.
(BusinessDesk)
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