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Greenstone Energy confirms $100m bond issue

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 13 NZPA - Greenstone Energy, which took over the Shell retail and distribution business in April, confirmed a $100 million bond issue to repay bank debt.

Greenstone, which also owns the former Shell stake in the NZ Refining Co, is owned by the New Zealand Superannuation Fund and Infratil.

It said today that along with the $100m bond issue it had the ability to accept up to $100m of oversubscriptions.

The interest rate on the bonds was set at 7.35 percent a year, with the money raised being used to repay part of the bank funding raised by Greenstone at the time of its purchase from Shell, Greenstone said today.

ANZ National Bank and First New Zealand Capital Securities had been appointed joint lead managers to the offer.

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