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TrustPower considers Senior Retail Bond Offer

7 Sep 2010

TrustPower Limited (“TrustPower”) is considering making an offer of Senior Bonds to the public. Further to this, it has appointed ANZ National Bank Limited and Forsyth Barr Limited as Joint Lead Managers for the proposed issue.

It is intended that Senior Bonds for an amount up to $75 million will be offered, with the option to accept up to a further $25 million of oversubscriptions at TrustPower’s discretion. The Senior Bonds will have a term of approximately seven years, maturing on 15 December 2017.

The net proceeds of the Senior Bonds will be used for general corporate purposes of TrustPower including repayment of debt, and lengthening the maturity profile of total debt facilities.

A fixed interest rate for the Senior Bonds will be determined prior to the opening of the offer following a bookbuild process to be undertaken by the Joint Lead Managers.

Interest will be paid on a quarterly basis.

The Senior Bonds will be direct, unsecured, unsubordinated debt obligations of TrustPower ranking pari passu with existing bank debt and senior bonds.

It is intended that the key terms and conditions of the Senior Bonds will be the same as those senior bonds issued in December 2009 and January 2010.

It is expected that full details of the offer will be released and the offer will open in the week commencing 20 September 2010, once a simplified disclosure prospectus has been registered.

Interest in the offer may be registered by contacting the Joint Lead Managers:
ANZ National Bank Limited on 0800 269 476 or orsyth Barr on 0800 367 227

You may also contact your normal financial advisor to register your interest and receive a copy of the simplified disclosure prospectus following registration. No indication of interest will involve an obligation or commitment of any kind.

No money is currently being sought and no applications for the Senior Bonds will be accepted or money received unless the subscriber has received the simplified disclosure prospectus.

Robert Farron
Chief Financial Officer

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