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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 : Letter to Shareholder

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11/19/2018 | 06:24pm EST

Port Marsden Highway

Ruakaka

New Zealand 0171 T: +64 9 432 8311

E:corporate@refiningnz.com

20 November 2018

Dear shareholder,

Refining NZ launches subordinated note offer

The New Zealand Refining Company Limited ("NZR") has announced today that it is making an offer of unsecured, subordinated, fixed rate notes ("Subordinated Notes"). The term of the Subordinated Notes will be for approximately 15 years (1 March 2034), with Election Dates five years (1 March 2024) and 10 years (1 March 2029) after the first interest payment date.

Under the offer ("Offer"), NZR is seeking to raise up to $75 million of Subordinated Notes. The Offer is expected to open on Friday, 30 November 2018, and is expected to close on Wednesday, 12 December 2018 at 5pm (New Zealand time).

An announcement of the interest rate for the Subordinated Notes for the initial period will be made following the bookbuild process, which is expected to be completed on Thursday, 29 November 2018.

The Subordinated Notes are expected to be quoted on the NZX Debt Market.

The net proceeds of the Offer are expected to be applied towards repaying a portion of Refining NZ's existing bank debt. The Offer will also provide Refining NZ with diversification of funding sources and greater financial flexibility.

Full details of the Offer are included in the product disclosure statement, which can be downloaded at the link below:

https://www.refiningnz.com/investor-centre/notes

There is no public pool for the Subordinated Notes. If you would like advice in respect of participating in the Offer or additional information, we suggest that you contact your financial adviser or one of the joint lead managers of the Offer listed below.

ANZ Bank New Zealand Limited

0800 269 476

Bank of New Zealand

0800 284 017

First NZ Capital Securities Limited

0800 005 678

Forsyth Barr Limited

0800 367 227

For more information on the Offer, please visit our website: https://www.refiningnz.com/investor-centre/notes

Kind regards,

Simon Allen

Chairman, The New Zealand Refining Company Limited

Disclaimer

The New Zealand Refining Company Limited published this content on 20 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 November 2018 23:23:05 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 4,53%
P/E ratio 2019 35,0x
P/E ratio 2020 9,30x
EV / Sales2019 2,23x
EV / Sales2020 1,99x
Capitalization 593 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,26  NZD
Last Close Price 1,97  NZD
Spread / Highest target 32,5%
Spread / Average Target 14,7%
Spread / Lowest Target 1,52%
EPS Revisions
Managers
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