Transpower launches 5-year retail bond offer

30 August 2021

Transpower New Zealand Limited (Transpower) has announced today that it is offering unsecured, unsubordinated fixed rate bonds to New Zealand retail investors and to institutional investors. 

The offer is being made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities.  The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX.  The Bonds will be quoted on the NZX Debt Market.

The offer is for up to NZ$150,000,000 (with the ability to accept up to NZ$50,000,000 oversubscriptions at Transpower’s discretion) of bonds which are to mature on 8 September 2026. Full details of the offer are set out in the attached Pricing Supplement (No. 16).

The indicative issue margin for the bonds is 0.35 to 0.40 per cent per annum.  The actual issue margin may be above or below the indicative margin range.

An NZX announcement of the issue margin, interest rate and issue amount is expected to be made on 2 September 2021, following the bookbuild process.  The offer is expected to close on the same day, following the bookbuild process, with the bonds issued on 8 September 2021.

The bonds are expected to be assigned a long-term credit rating of AA by S&P Global Ratings.

There is no public pool for the offer, with 100 per cent of the bonds reserved for clients of Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) (as Lead Manager), NZX participants and other approved financial intermediaries.

Interested investors should contact the Lead Manager (details below) or their usual financial adviser for more details.

 

Lead Manager
Westpac Banking Corporation (ABN 33 007 457 141 (acting through its New Zealand branch)
0800 772 142

 

For assistance, please contact:

Deborah Gray

Corporate Communications Manager, Transpower

04 590 7631

Downloads

Investor Presentation [ pdf 3.05 MB ]
NZX notice [ pdf 164.47 KB ]