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Z Energy mulls another retail bond issue

Z Energy, formerly Greenstone Energy Finance, says it is considering another retail bond issue on similar terms to last year's $147 million issue which ranked equally with Z's banks.

Thursday, 19 May 2011

by Jenny Ruth

Chief executive Mike Bennets says no decision on how much Z would seek to raise or on other terms of the bonds has been made yet.

Z, a joint-venture between listed infrastructure investor Infratil and the government's New Zealand Superannuation Fund bought Shell's New Zealand petrol stations, 25% of Fly Buys and 17.1% of the listed New Zealand Refining Company for $696.5 million in April last year.

The first bond issue aimed to raise $100 million plus up to another $100 million in over-subscriptions. They last traded at 6.85%, or just below

$103 per $100 face value, compared with the 7.35% coupon.

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