AUCKLAND, NEW ZEALAND: Mercury NZ Limited is likely to make an offer of up to $200 million of 5.5 year unsecured, unsubordinated fixed rate green bonds to institutional investors and New Zealand retail investors.

The offer, with the ability to accept up to an additional $50 million of oversubscriptions at Mercury’s discretion, is expected to open in the week commencing 15 March 2021.

Mercury has a corporate credit rating from S&P Global Ratings of BBB+ (stable outlook). The Green Bonds are expected to be assigned a credit rating of BBB+.

The proceeds of the Green Bonds are intended to be earmarked to finance and refinance Eligible Projects in accordance with Mercury’s Green Financing Framework dated August 2020.

In relation to the Offer, Mercury has appointed Westpac Banking Corporation (acting through its New Zealand branch) as Arranger and Green Bond Co-ordinator, and ANZ Bank New Zealand Limited, Craigs Investment Partners Limited, Forsyth Barr Limited and Westpac as Joint Lead Managers.

There is no public pool for the Offer, with all of the Green Bonds being reserved for clients of the Joint Lead Managers, NZX participants and other approved financial intermediaries.

Mercury NZ Limited is a New Zealand electricity generation and electricity retailing company. All of the company’s electricity generation is renewable. It owns and operates nine hydroelectric generating stations on the Waikato River and five geothermal plants in the Taupo area. 
https://www.mercury.co.nz/