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TrustPower Announces Senior Retail Bond Offer

17 Sep 2010

TrustPower Limited (“TrustPower”) has today announced an offer of up to $75 million fixed rate Senior Bonds to the public, offering investors a new opportunity to invest in a majority New Zealand owned renewable electricity generation and retailing business.

Oversubscriptions of up to a further $25 million may be accepted.
The offer will open on 20 September 2010 and is expected to remain open until 20 October 2010 (or such other date as TrustPower may determine) and will be available to both retail and institutional investors. A Simplified Disclosure Prospectus dated 17 September 2010 in respect of the offer was registered at the Companies Office earlier today and a copy has been provided to NZX with this announcement.

TrustPower has allocated approximately $70 million Senior Bonds to NZX Primary Market Participants under the firm allocation process.

The maturity date of the Senior Bonds offered is 15 December 2017.

The interest rate on the Senior Bonds has been set at 7.10% p.a.

The Senior Bonds are direct, unsecured, unsubordinated debt obligations of TrustPower ranking equally with all other unsecured unsubordinated liabilities including existing senior bonds and bank debt.

The payment obligations of TrustPower under the Senior Bonds will be guaranteed on an unsecured basis by certain subsidiaries of TrustPower Limited. The funds raised from this issue of Senior Bonds will be used by TrustPower for general corporate purposes, including the repayment of debt. The issue will enable TrustPower to further diversify its sources of debt funding and to extend the maturity profile of current debt obligations.

Interest will be paid quarterly in arrears with the first interest rate payment date scheduled to occur on 15 December 2010.

ANZ and Forsyth Barr Limited have been appointed as Joint Lead Managers. Bank of New Zealand has been appointed as a Co-Manager.
Investors may contact the Joint Lead Managers, the Co-Manager, or their usual NZX Primary Market Participant to request a copy of the Simplified Disclosure Prospectus.

- ANZ: 0800 269 476, www.anz.co.nz/ipo; or
- Forsyth Barr Limited: 0800 367 227; or
- Bank of New Zealand: 09 375 1391
The Simplified Disclosure Prospectus is also available on TrustPower’s website: www.trustpower.co.nz (Investor Centre/Key Investor Information/Senior Bond Issue).

The minimum application amount in respect of the Senior Bonds is $5,000 and in multiples of $1,000 thereafter.

Application has been made to NZX for permission to list the Senior Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of distribution of this announcement have been duly complied with.
However, the Senior Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement. NZX is a registered exchange, regulated under the Securities Markets Act 1988.

Applications for Senior Bonds can only be made using the application form included in the Simplified Disclosure Prospectus.

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