Summarised details of the 2029 bond offer are below:
Issuer: Trustpower Limited.
Description: Unsecured, unsubordinated, re-setting fixed rate bonds.
Maturity Date: Thursday, 22 February 2029.
Issue Amount: Trustpower is offering up to NZ $75,000,000 with the ability to accept oversubscriptions of up to $25,000,000 at Trustpower's discretion.
Interest Rate: The rate of interest payable on the bonds will be, the initial interest rate for the first five year period; and the reset interest rate for the second five year period. The initial interest rate will be the sum of the Issue Margin and the Base Rate on the Rate Set Date, but in any case will be no less than the minimum Interest Rate of 3.95% per annum.
The interest rate will be reset on the Reset Date. The reset interest rate will be the sum of the Issue Margin and the Base Rate on the Reset Date. The minimum interest rate is only applicable to the initial interest rate and is not relevant to the calculation of the reset interest rate.
Issue Price: $1.00 per bond.
Listing: Application has been made to NZX to quote the Bonds on the NZX Debt Market, ticker code TPW170.
Credit rating: The bonds are not rated.
Brokerage: No Brokerage payable by investors.
Minimum Application: $5,000 and in multiples of $1,000 thereafter.
Opening Date: Monday, 11 February 2019
Closing Date: Bids due by 12pm, Friday, 15 February 2019
Rate Set Date: Friday, 15 February 2019
Issue & Allotment: Friday, 22 February 2019
Reset Date: Thursday, 22 February 2024
Quotation Expected to be 25 February 2019
If you wish to bid through us, you must read the term sheet and please advise your firm interest by no later than 5.00 P.M. Thursday, 14th February 2019.