Genesis Energy to trim $75M from capital bonds, modify terms for S and P criteria change

Wed, 29 May 2013

May 30 (BusinessDesk) – Genesis Energy is modifying the terms of its $275 million of NZDX-listed hybrid bonds and trim the issue by about $75 million after Standard & Poor’s changed its criteria for assessing the equity content of such instruments. Genesis, one of the state-owned power companies slated for sale, will have the July 15, 2041, bonds halted from trading at the close tomorrow, pending a bookbuild to set a minimum interest rate and margin. The bonds currently have a coupon of 8.5 percent. Last month S&P announced changes to the wa...

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