New Zealand's Mercury kicks off USD 60m green bond offering
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New Zealand power generator and retailer Mercury NZ Ltd (NZE:MCY) announced today it is launching an up to NZD-100-million (USD 60.52m/EUR 56.6m) green bonds offering to institutional and local retail investors.
The five-year unsecured, unsubordinated fixed rate green bonds have an indicative issue margin range of 1.05% to 1.15% per annum. The offering period starts today and is set to close on June 9.
The proceeds raised from the transaction will be used to finance and refinance eligible projects in accordance with Mercury’s Green Financing Framework presented in August 2020, the company said.
ANZ Bank New Zealand Lts has been hired as arranger and green bond co-ordinator. The joint lead-managers include ANZ, Craigs Investment Partners Ltd and Forsyth Barr Ltd.
Mercury generates electricity from 100% renewable sources, including hydro, geothermal and wind. The company earlier in May formally inaugurated New Zealand’s biggest wind farm -- the 103-MW Turitea South facility, which already has a power purchase agreement (PPA) signed with US e-commerce giant Amazon.com Inc