Transpower eyes bond issue
Transpower's higher transmission revenue was up 3% to $496.7 million.
Transpower says it is considering an offer of unsecured, unsubordinated fixed rate bonds to New Zealand retail investors and institutional investors.
It is expected the bonds will have a maturity of five-and-a-half years, and full details of the offer will be released early next month.
Transpower has appointed ANZ Bank New Zealand as lead manager and organising participant in relation to the bond offer.
Meanwhile, the company reported a higher first-half profit as the state-owned company saw a rise in transmission revenue.
The company says its profit before net changes in the fair value of financial instruments was $101.6 million in the six months to December, an increase of 2.6% on the prior period.
The increase largely reflects higher transmission revenue, which was up 3% to $496.7 million.
"A continuing focus on tight cost control and an ongoing business transformation programme has seen the organisation perform well over the past six months," chairman Tony Ryall says.
The board declared an interim dividend of $66 million, representing 40% of the full-year dividend forecast in the 2016/17 Statement of Corporate Intent. It paid an interim dividend of $64.8 million a year earlier.
Capital expenditure was $109.7 million for the first half of the year, up 9% from the same time last year, Transpower says.
(Businessdesk)
Rebecca Howard
Thu, 23 Feb 2017
Thu, 23 Feb 2017
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Transpower eyes bond issue
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