Transpower completes successful domestic bond issue

13 March 2013

Transpower today announced that it has successfully completed the issue of NZ$150 million of unsecured, unsubordinated bonds to a mix of institutional and retail investors.

The issue comprises two tranches:

  • NZ$50 million of 10-year fixed rate bonds with a coupon of 5.448% equating to an issue margin of 130 basis points over the base rate
  • NZ$100 million of 15-year fixed rate bonds with a coupon of 5.893% equating to an issue margin of 155 basis points over the base rate.

The Bonds are rated AA- by Standard & Poor’s and A1 by Moody's.

"Our primary focus has been on tenor and pricing for this issue and the offer has met these objectives. We are very pleased with the outcome of the bond issue and the continued support from investors for Transpower. We remain committed to our domestic market," says Treasurer Chris Sutherland.

BNZ acted as sole Lead Manager.