KEY POINTS:
Two issues may be on the way to tempt potential investors.
Origin Energy, Contact Energy's majority shareholder, is considering issuing $200 million worth of preference shares.
Using its subsidiary, Origin Energy Contact Finance No.2 Ltd, the company says the proposed issue would accept oversubscriptions of $50 million.
The offer, which is expected to open on 3 September, will be available for subscription by members of the public, institutional investors and clients of NZX firms.
Funds raised will be used within the Origin Energy New Zealand group of companies to refinance existing bank debt. Origin holds 51.4 percent of Contact.
Meanwhile, unlisted Dutch bank Rabobank Nederland said today it was considering an issue of $400 million in perpetual securities.
It said it was considering an issue of unsecured capital securities, with no set maturity date, with an option to accept unlimited oversubscript ions.
The interest rate on the securities would be the one-year swap rate and a margin, for the first 10 years, after which the 90-day bank bill rate and a margin.
The margin will be set by a bookbuild at the issue launch, which is expected to take place in the middle of September.
The issue is being marketed to New Zealand institutional and retail investors.
First NZ Capital Securities and ASB Bank are joint lead managers of the Rabobank issue, and Credit Suisse is the issue arranger.
- REUTERS
