AUCKLAND, NZ: Genesis Energy Limited (Genesis) is considering making an offer (Offer) of up to NZ$225,000,000 (with the ability to accept oversubscriptions of up to an additional NZ$60,000,000 at Genesis’ discretion) of 30 year unsecured, subordinated green capital bonds (Capital Bonds) to New Zealand investors.

It is expected that full details of the Offer will be released on 26 May 2022, when the Offer is expected to open.
The Capital Bonds, if issued, are expected to be assigned an Issue Credit Rating of BB+ by S&P Global Ratings. Genesis has an Issuer Credit Rating of BBB+ (stable outlook) by S&P Global Ratings.

If the Offer is made and the bookbuild is successful, Genesis intends to exercise its option to redeem its subordinated green capital bonds which are quoted on the NZX Debt Market under the ticker GNE040 (GNE040 Bonds) on the first reset date for the GNE040 Bonds, being 9 June 2022. To allow for an orderly settlement and redemption process, it is expected that trading in all GNE040 Bonds would be suspended from market close on the date on which the new Offer opens (expected to be 26 May 2022). Genesis will communicate with all GNE040 bondholders directly to notify them of the potential redemption and the trading suspension (a template letter is attached to this announcement).

Genesis has appointed Bank of New Zealand, Craigs Investment Partners Limited and Forsyth Barr Limited as Joint Lead Managers in relation to the Offer.

There will be no public pool for the Offer, with all of the Capital Bonds to be reserved for clients of the Joint Lead Managers, NZX participants and other financial intermediaries.