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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  New Zealand Refining Company Ltd    NZR   NZNZRE0001S9

NEW ZEALAND REFINING COMPANY LTD

(NZR)
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New Zealand Refining : Initial Interest Rate Announcement

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11/28/2018 | 10:11pm EST

29 November 2018

Refining NZ sets initial interest rate for subordinated note offer

The New Zealand Refining Company Limited ("Refining NZ") announces that, following a successful bookbuild for its offer of unsecured, subordinated notes ("Subordinated Notes"), $75 million of Subordinated Notes have been allocated to participants in the bookbuild process under the offer ("the Offer").

The initial interest rate to apply to the Subordinated Notes for the period from the issue date until the first election date (1 March 2024) has been set at 5.10% per annum, being the minimum interest rate.

The Subordinated Notes are expected to be quoted on the NZX Debt Market under the ticker code NZR010.

The Offer is expected to open on Friday, 30 November 2018 and to close on Wednesday, 12 December 2018 at 5pm (New Zealand time).

As announced previously, there is no public pool available for the Offer, with all of the Subordinated Notes under the Offer being reserved for clients of the joint lead managers, and other approved financial intermediaries.

Early bird interest will be paid at the interest rate in respect of accepted applications. Investors are therefore encouraged to lodge their applications as soon as possible to take advantage of this.

Further details of the Offer are contained in the PDS for the Subordinated Notes. The PDS is available at https://www.refiningnz.com/investor-centre/notes/ or by contacting a joint lead manager, and must be obtained by investors before they decide to acquire any Subordinated Notes.

For further information please contact:

Arranger and Joint Lead Manager

First NZ Capital Securities Limited

Phone: 0800 005 678

Joint Lead Managers

ANZ Bank New Zealand Limited

Bank of New Zealand

Phone: 0800 269 476

Phone: 0800 284 017

Phone: 0800 367 227

Refining NZ Denise Jensen

Chief Financial Officer / Company Secretary T: +64 9 432 8311

E: corporate@refiningnz.com

Disclaimer

The New Zealand Refining Company Limited published this content on 29 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 November 2018 03:10:02 UTC

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Financials (NZD)
Sales 2019 371 M
EBIT 2019 38,8 M
Net income 2019 17,6 M
Debt 2019 235 M
Yield 2019 4,60%
P/E ratio 2019 34,5x
P/E ratio 2020 9,15x
EV / Sales2019 2,25x
EV / Sales2020 2,00x
Capitalization 599 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,26  NZD
Last Close Price 1,94  NZD
Spread / Highest target 34,5%
Spread / Average Target 16,5%
Spread / Lowest Target 3,09%
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NameTitle
Michael Fuge Chief Executive Officer
Simon Christopher Allen Chairman
Denise M. Jensen Chief Financial Officer & Secretary
Robin Baxter Engineering Manager
Vanessa Cynthia May Stoddart Independent Director