Transpower launches $200m senior bond issue‏

The government-owned national electricity grid operator Transpower has launched a $200 million senior bond issue with the proceeds going to "general corporate purposes."

Friday, 18 November 2011

by Jenny Ruth

The unsecured, unsubordinated bonds will have two maturities, four-year, floating-rate notes and seven-year, fixed-rate note.

Transpower said it expect the bonds will have a "AA-" credit rating from Standard & Poor's and "A1" from Moody's.

It expects to announce the issue margin on November 25 following a book-building process and expects to set the interest rate the same day.

The joint lead managers of the issue are ASB and ANZ banks. The minimum application is $5,000 and in multiples of $1,000 thereafter.

Transpower says the government doesn't guarantee the bonds. It says it doesn't expect its monopoly position to change "in the reasonably forseeable future."

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