4 Apr 2013

Energy firms consider whether to redeem Capital Bonds

8:18 am on 4 April 2013

Genesis Energy and Contact Energy are considering whether to redeem their Capital Bonds after a change of criteria by ratings agency Standard and Poor's.

Both firms say the revised criteria mean their Capital Bonds will not be treated as 100% equity when S&P calculates financial ratios for them.

That triggers the right for Genesis and Contact to redeem all bonds at par plus accrued interest.

The firms have yet to decide what to do.