Contact Energy, parent Origin mull redemption of $2.03 bln of notes after S and P change

Wed, 03 Apr 2013

April 3 (BusinessDesk) – Contact Energy and Australian parent Origin Energy are mulling whether to redeem some $2.03 billion of hybrid notes after Standard & Poor’s changed its criteria for assessing the equity content of such instruments. Hybrid securities typically have characteristics of both debt and equity and S&P’s revisions relate specifically to those currently eligible to be classified as having high (up to 100 percent) equity content. Such changes affect the ratio of debt to equity on a company’s balance sheet and potentially threat...

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