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SOE Genesis Energy puts NZ$300 million retail bond offer on ice

SOE Genesis Energy puts NZ$300 million retail bond offer on ice

State owned enterprise Genesis Energy, which had planned to open a bond offer seeking up to NZ$300 million from the public this month, says the offer has been delayed.

In a brief statement Genesis said there had been "a delay in the process" without specifying what had caused the delay. A Genesis spokesman said the company was unable to comment further.

"On 17 December 2010 Genesis Power Limited, trading as Genesis Energy, announced that it was considering making an offer of unsecured, subordinated Capital Bonds to the New Zealand public. At that time it was expected that the offer would open in February 2011. Genesis Energy wishes to advise there has been a delay in the process," the company said.

"A further announcement will be made when the timetable for the offer is finalised."

In December Genesis said it hoped to raise up to NZ$300 million through a capital bond issue to retail investors. The proceeds of the offer would be used to help fund the acquisition of the Tekapo power stations from Meridian Energy.




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