6.0 Offer period - Media Release
Renewable Energy Bonds
Generating great returns for New Zealanders
5 year bond with a 7.15% Minimum Interest Rate
7 year bond with a 7.55% Minimum Interest Rate
Meridian Energy Limited has today announced its intent to offer up to NZ$150
million Renewable Energy Bonds (REBs) to New Zealand investors in two
Tranches, with the ability to accept up to NZ$50 million oversubscriptions.
Tranche 1 is a five year bond maturing on 16 March 2015 with a 7.15 % Minimum
Interest Rate and Tranche 2 is a seven year bond maturing on 16 March 2017
with a 7.55 % Minimum Interest Rate. The REBs are senior retail bonds.
Meridian is offering this issue through an innovative on-line application and
payment facility accessed through its website www.meridianinvestments.co.nz
and via traditional application methods..
New Zealand investors have from 2 February 2010 to 23 February 2010 to apply.
Key Features
BBB+ investment grade rating from Standard & Poor''s
$5000 minimum investment
On-line application and electronic payment functionality
To obtain a copy of the Investment Statement and/or apply on-line visit
www.meridianinvestments.co.nz or call the joint lead managers BNZ on 0800 275
270 or First NZ Capital Securities Limited on 0800 005 678 or contact any of
the co-managers or your NZX broker.
Co-managers to the offer are; ANZ, Craigs Investment Partners and Westpac
The Issuer is Meridian Energy Limited (Meridian). The Renewable Energy Bonds
(REBs) are senior unsecured obligations of Meridian. The REBs are guaranteed
by the companies that are from time to time guaranteeing group members under
the trust deed that constitutes the REBs, currently being Meridian, MEL
Holdings Limited, MEL (West Wind) Limited, MEL (Te ?piti) Limited, MEL (White
Hill) Limited, MEL (Te Uku) Limited, MEL (Central Wind) Limited and MEL (Mill
Creek) Limited. The guarantee is not secured. The REBs are not guaranteed
by the Government. The minimum holding of REBs is $5,000 and multiples of
$1,000 thereafter.
Application has been made to NZX for permission to list the REBs and all the
requirements of NZX relating thereto that can be complied with on or before
the date of this advertisement have been duly complied with. However, NZX
accepts no responsibility for any statement in this advertisement. NZX is a
registered exchange.
The Interest Rate for each Tranche of REBs will be equal to the higher of:
(a) the Minimum Interest Rate for the Tranche; and (b) the sum of the Base
Rate and the Margin for the Tranche. The Base Rate for each Tranche will be
determined by Meridian on the Rate Set Date (25 February 2010 or such other
date as Meridian may determine) by reference to the five year swap rate for
Tranche 1 and the seven year swap rate for Tranche 2. The Margin is 1.75%
for Tranche 1 and 1.85% for Tranche 2. The Interest Rate for each Tranche of
REBs will be announced by Meridian on the Rate Set Date.
[ends]
End CA:00190667 For:NZX Type:GENERAL Time:2010-01-29:10:59:49