26 Jan 2010

Meridian bond details issued

5:38 pm on 26 January 2010

Meridian Energy has issued more details about the five and seven-year bonds it intends to market to retail investors.

The five-year bonds will pay between 7.05% and 7.5% , and the seven-year bonds will pay between 7.5% and 8%.

The State-owned electricity generator wants to raise at least $150 million from the bonds and can increase the sale by another $50 million if there is enough interest.

The Bank of New Zealand and First NZ Capital are lead managers of the sale, which will be priced on Friday.

Standard & Poor's has assigned the bonds a long-term rating of BBB-plus.