The owner of Shell's petrol stations is considering raising up to $100 million through a bond issue to repay debt.
Greenstone Energy, a partnership between Infratil and the New Zealand Superannuation Fund, paid nearly $700 million for Shell's retail and distribution assets in April.
Chief executive Mike Bennetts says documentation for the bond issue is still being prepared, but it's likely bonds will mature from 2016.
He says bond holders will rank with Greenstone's banks in terms of security.
Greenstone expects to make a final decision by the end of the month.