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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
Allied Farmers says that Hanover has withdrawn its summary judgment application against it sekking $5 million.

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
Genesis Energy has raised the full $275 million in subordinated 30-year capital bonds it sought and has set the interest rate at the minimum 8.5% for the first five years.

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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