Posted 18 May 2017
Genesis Energy Limited (“Genesis Energy”) confirmed today that it is offering NZ$225,000,000 of 30 year subordinated unsecured capital bonds to institutional investors and New Zealand retail investors.
Forsyth Barr is a Joint Lead Manager to the offer.
The offer is now open and will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX and is attached. The bonds are expected to be quoted on the NZX Debt Market.
Full details of the bond offer are contained in the terms sheet which has been prepared for the offer and can be found here. The bonds are expected to be assigned a long term credit rating of BB+ by Standard & Poor’s.
The interest rate for the bonds from the Issue Date to the First Reset Date (9 June 2022) will be 5.70% p.a., which is the minimum interest rate set out in the Terms Sheet for the bonds dated 10 May 2017. The margin has been set at 2.75%.
Interested investors, including holders of existing Genesis Energy capital bonds that mature on 15 July 2041, can register their interest by contacting their advisor on 0800 367 227. Indications of interest will not constitute an obligation or commitment of any kind.
Forsyth Barr Limited has been appointed as a Joint Lead Manager to the offer and will receive fees in relation to this role. This information is general in nature and should not be regarded as personalised investment advice. Disclosure Statements are available on request and free of charge.