![Genesis raises $150m in US private placement issue](/pf/resources/images/placeholders/placeholder_l.png?d=795)
Genesis raises $150m in US private placement issue
Genesis has raised US$150 million in its first issue of notes in the US private placement market and will use the funds to repay bank debt.
Genesis has raised US$150 million in its first issue of notes in the US private placement market and will use the funds to repay bank debt.
Land bought by Meridian for its controversial $2b wind farm is on the market spelling the final chapter of the failed project.
The Finance Minister says the proceeds from selling state houses are unlikely to be spent on new state houses and may go into the Consolidated Account.
Tainui says it wants to spend "tens of millions of dollars" on buying up state houses as Bill English signals an open market for the country's 68,000 Housing NZ properties.
Investors in listed power companies appear to be betting the National Party will retain the government benches at Saturday's general election.
The potential sale of the 14,000ha Lochinver Station (a "ridiculously small amount of land" according to Steven Joyce) to foreign interests raises a couple of important questions.
Auckland councillors are divided on the privatisation of Queen Elizabeth Square in downtown Auckland, but voted 14-7 today to approve in principle the disposal of the land worth upwards of $60 million to Precinct Properties.
Auckland councillors will tomorrow consider the privatisation of Queen Elizabeth Square in downtown Auckland for a mall.
The National Government's asset sale programme is complete but the debate about the process just won't go away.
Shares in Genesis Energy closed up 26c to $1.81 after the first day of trading.
For the Govt calmer international waters would have been preferable for a big float like Genesis, particularly as so many small investors have been encouraged to take part, writes Greg Fraser.
Prices and who controls them is already an issue for this year's election, writes Fran O'Sullivan. The "market rules OK?" is not the kind of slogan that opposition parties are chanting.
Intense investor interest in the upcoming float of Genesis Energy is forcing a heavy scaling back of broker and institutional share allocations well before the April 14 deadline.
The Treasury would have liked more "Mum and Dad" small investors to have bought shares in electricity generators Mighty River Power and Meridian Energy.
The share price for Genesis Energy will likely be set in the mid to upper end of its range in light of the Government's decision to sell up to the full 49 per cent, say analysts.
The government will sell 49 per cent of Genesis Energy after feedback from institutions and brokers gave it confidence it didn't need to reduce the size of the selldown.
Genesis Energy chief executive Albert Brantley, speaking at the launch of the Genesis Energy offer, complained about the company being labelled the "ugly duckling".
The Treasury has finally developed a fair and widely accepted process for the Genesis Energy IPO, writes Brian Gaynor.
Genesis Energy could end up being the most costly sale in the Government's partial privatisation programme as a proportion of its proceeds.
Shares in state-owned power generator and retailer Genesis Energy will be priced in a $1.35 to $1.65 range and include a one-for-15 loyalty bonus share offer as a sweetener.
The Government says shares in Genesis Energy will be priced in a $1.35 to $1.65 range and would include a loyalty bonus share offer.
The average power bill for a family of four will rise by 2.4 per cent this year, Energy and Resources Minister Simon Bridges said yesterday.
Full details of the Genesis Energy float will be released today including the price range for the shares, a bonus share scheme and the timetable for its sharemarket listing.
Independent research house Morningstar has valued state-owned Genesis Energy at around $1.69 billion to $1.89 billion in total, or about $3.25 to $3.50 a share.