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News Archive - November 2011

2 Nov 2011Contact considers $150m subordinated bond issue
Contact Energy says it is considering issuing $150 million of unsecured, subordinated capital bonds "to further optimise its capital structure through increasing financial flexibility and extending its term funding profile."
7 Nov 2011Infratil launches $50m five-year bonds with 8% coupon
Infrastructure investor Infratil has launched a new issue of up to $50 million of unsecured unsubordinated infrastructure bonds maturing November 2017 with an 8% annual coupon.
8 Nov 2011Heartland holds excess cash ahead of government guarantee expiry
Heartland New Zealand says it continues to hold more cash than it needs ahead of the expiry of its government guarantee on December 31.
11 Nov 2011Contact increases 30-year bond issue to a maximum $250 million
Contact Energy has confirmed it will issue 30-year bonds and has increased the maximum amount by $100 million to $250 million.
14 Nov 2011Little good news in latest Strategic Finance report
Strategic Finance's receivers recovered about $29 million from its property loan book after costs and higher ranking lenders between March 12 and September 12.
14 Nov 2011S&P cuts Telecom's rating to "A-" with stable outlook
International ratings agency Standard & Poor's has cut Telecom's credit rating to "A-" from "A" with a stable outlook following final court orders permitting it to spin off its network business Chorus into a separate company.
14 Nov 2011S&P concerned about Auckland City Council's rising debt
International ratings agency Standard & Poor's has put Auckland City Council's "AA" long-term credit rating on negative watch because of concerns about its rising debt.
15 Nov 2011IAG lifts 25 year bond issue to $325m, sets minimum coupon at 7.5%
Australian-listed Insurance Australia Group, which operates under the NZI and State Insurance brands, has increased its New Zealand subordinated bond issue for a second time to $325 million.
17 Nov 2011No certainty on recoveries for OPI debenture holders
Estimating how much OPI Pacific Finance's secured debenture holders, owed nearly $200 million, are likely to recover is "extremely difficult," receivers say.
18 Nov 2011Transpower launches $200m senior bond issueā€¸
The government-owned national electricity grid operator Transpower has launched a $200 million senior bond issue with the proceeds going to "general corporate purposes."
21 Nov 2011Rates Round Up: Nov 19
22 Nov 2011Blue Star appoints replacement MD
Blue Star group has appointed Phillip Bower as managing director to replace Chris Mitchell who departed on November 11.
22 Nov 2011Broadlands withdraw from 'dead' debenture market
Broadlands Finance, one of the few finance companies to survive the carnage of recent years, is exiting the New Zealand debenture market after failing to attract investor interest.
25 Nov 2011Contact sets minimum interest on 30-year bonds at 8%
Contact Energy says the minimum annual interest it will pay on the up to $250 million of 30-year capital bonds it plans to issue will be 8%.
28 Nov 2011Heartland does it tough, narrows profit forecast
Heartland New Zealand is finding business tougher than expected and has narrowed its net profit expectation for the year ending June 2012 to between $20 million and $22 million.

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