SYDNEY, AUSTRALIA: Genesis Energy Limited is offering up to NZ$75 million (with the ability to accept oversubscriptions of up to an additional NZ$50 million at Genesis’ discretion) of 6-year fixed-rate unsecured, unsubordinated green bonds to institutional investors and New Zealand retail investors.
The offer opens today 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 offer is expected to close on 4 March 2022.
The interest rate for the Green Bonds will be set on the rate set date as being equal to the base rate plus the margin, subject to a minimum interest rate of 4.00% per annum. The indicative margin range for the Green Bonds is 1.05% to 1.20% per annum. An announcement of the actual margin and interest rate is expected to be made via NZX on 4 March 2022 following a bookbuild process.
The Green Bonds are expected to be quoted on the NZX Debt Market and assigned a BBB+ credit rating by S&P Global Ratings.
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity, reticulated natural gas and LPG through its retail brands of Genesis and Frank Energy and is New Zealand’s largest energy retailer with approximately 500,000 customers.