Genesis Energy raises US$150M in first US private placement issue

Tue, 25 Nov 2014

By Jonathan Underhill Nov. 26 (BusinessDesk) - Genesis Energy, New Zealand's largest electricity retailer, has raised US$150 million in its first issue of notes in the US private placement market and will use the funds to repay bank debt. Under the note purchase agreement, Genesis will issue US$50 million of 11-year notes at a coupon of 3.64 percent and US$100 million in two tranches of 12-year notes at a couple of 3.69 percent, the Auckland-based company said in a statement. The coupons represent a margin over benchmark 10-year Treasu...

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