By Cristal Cody
Prospect News, March 13 - Transpower New Zealand Ltd. unit Transpower Finance Ltd. (A1/AA-/) sold an upsized C$250 million of 3% senior notes due March 20, 2017 in a private placement late afternoon on Tuesday, according to the company and bond sources.
The deal was upsized from C$200 million and launched at a spread of 145 basis points over the Canadian bond curve.
Additional pricing terms were not available by press time.
Scotia Capital Inc. was the bookrunner for the maple bond deal.
Proceeds were swapped back into New Zealand dollars and will be used for general corporate purposes, including the capital expenditure requirements of the Transpower Group.
A roadshow was held the previous week.
Transpower is a state-owned utility that supplies power to New Zealand towns and cities.
| Issuer: | Transpower Finance Ltd.
|
| Amount: | C$250 million
|
| Maturity: | March 20, 2017
|
| Securities: | Senior notes
|
| Bookrunner: | Scotia Capital Inc.
|
| Coupon: | 3%
|
| Pricing date: | March 13
|
| Settlement date: | March 20
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Distribution: | Canada
|
| Price talk: | 145 bps over Canadian bond curve
|
| Marketing: | Roadshow
|
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