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Z Energy retail bond offer closes oversubscribed at $150 million
8 Aug 2011
Z Energy Limited („Z Energyâ€Ÿ) closed its retail bond offer on 5 August 2011, having successfully raised $150 million (which includes $50 million in oversubscriptions).
The offer opened on 8 July 2011 with an interest rate of 7.25% p.a. and a maturity date of 15 August 2018. The initial target was to raise NZ$100 million from New Zealand retail investors, but strong investor demand extended this to $NZ150 million.
Z Energy Chief Executive Mike Bennetts today said he was very pleased with the level of investor support for Z Energy. The funds raised will be used to pay down bank debt and provide a more flexible corporate funding structure.
“We welcome new investors choosing to invest in Z Energy. Weâ€Ÿre very pleased with the level of investor confidence and support both for Z Energy and the New Zealand market and we are determined to reward that support through building a world-class Kiwi company,” he said.