The owner of Shell's petrol stations hopes to raise up to $200 million through a bond issue, to repay debt.
Greenstone Energy, which is a partnership between Infratil and the New Zealand Superannuation Fund, paid nearly $700 million for Shell's retail and distribution assets in April.
It is offering up to $100 million in bonds and will accept up to $100 million in oversubscriptions.
The secured bonds will mature in October 2016 and the interest rate has been set at 7.35%.
ANZ National Bank and First New Zealand Capital Securities are joint lead managers for the offer.