Meridian Energy Limited (Meridian) confirmed today that it is offering up to $150 million (plus up to $50 million of over-subscriptions) of unsecured, unsubordinated fixed-rate bonds maturing on 27 June 2025 to institutional and New Zealand retail investors.
Summarised details of the offers are below.
Issuer: Meridian Energy Limited
Description: Unsecured, unsubordinated, fixed rate bonds
Maturity Date: Friday, 27 June 2025 (7 Year)
Expected Issue Rating: BBB+ S&P Global Ratings
Size: Up to $150 million with the ability to accept oversubscriptions of up to $50 million at Meridian’s discretion
Interest Rate: TBA
The Interest Rate will be the sum of the Issue Margin and the Base Rate, but in any case will be no less than the minimum Interest Rate of 4.20% per annum. The Interest Rate will be announced by Meridian via NZX on or shortly after the Rate Set Date.
Minimum Application: $5,000
Interest Payments: Interest will be payable semi-annually in arrear in equal amounts on 27 June and 27 December of each year up to and including the Maturity Date.
Listing: Application has been made to NZX to quote the Bonds on the NZX Debt Market, ticker code MEL050.
Brokerage: Brokerage payable by investors
PLEASE NOTE: There is no public pool therefore there is no official retail application. If you are a retail investor, please contact your adviser or broker to assist you in sourcing this, as this is an institutional offering.
Important Dates
Opening Date: Monday, 11 June 2018
Closing Date: Friday 2:00pm, 15 June 2018
Rate Set Date: Friday, 15 June 2018
Issue Date: Wednesday, 27 June 2018
Quotation Thursday, 28 June 2018
If you wish to bid through us, please advise your demand number by no later than 12.00pm Friday, 15 June 2018.
Terms Sheet
