Genesis Energy bond holders elect to sell 28 percent of bonds getting lower interest rate

Mon, 15 Jul 2013

July 15 (BusinessDesk) - Genesis Energy bond investors have opted to sell 27.7 percent, or about $77.8 million, of the state-owned power company’s hybrid bonds rather than accept a lower interest rate. The company flagged in May that it would modify the bonds and trim the issue by about $75 million to $200 million after Standard & Poor’s changed its criteria for assessing the equity content of such instruments, to intermediate equity content from high. The change in status gave Genesis the right to redeem the NZDX-listed July 15, 2041, bonds...

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