Genesis Energy mulls $300 million bond offer
Dec. 17 (BusinessDesk) – Genesis Energy Ltd., the state-owned electricity generator and retailer, is seeking expressions
of interest in a $300 million unsecured, subordinated capital bonds issue to the New Zealand public.
Proceeds are intended to be used as part-funding for the purchase of the Tekapo A and B hydro power stations, which
Genesis is required to take over from Meridian Energy as part of the government’s electricity market reforms, announced
a year ago.
Energy Minister Gerry Brownlee said in a statement this morning that the physical asset swap is expected to transact in
the first half of next year.
Genesis says the offer will likely open in February. Arranger and joint lead manager is Craigs Investment Partners, with
ANZ and Westpac Institutional Bank appointed co-lead managers.
(BusinessDesk)