Rates Round Up: May 24
Included in this round up - which will be updated during the week are; Genesis raises $275 mill; Hanover withdraws summary judgment claim against Allied.
Tuesday, 24 May 2011
Hanover withdraws claim against Allied Farmers
Hanover claimed Allied owed it $5 million as part of the debt for equity swap and the money was due on June 30 2010. The claim will now proceed as a normal civil action with a timetable expected to be set later this year. Allied Farmers intend to "continue to defend the claim vigorously."
Genesis raises $275 mill in bonds
The bonds, which are rated "BB-" by Standard & Poor's, will partly fund Genesis' $821 million acquisition of the Tekapa A and B hydro power stations.
Genesis chair Jenny Shipley says she is "delighted with the success of the issue and welcomes the many new investors who have chosen to invest in Genesis Energy."
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