By Lisa Kerner
Charlotte, N.C., June 29 - Envestra Ltd. announced an agreement to place the equivalent of A$350 million of bonds with seven U.S. private placement investors in two tranches.
One tranche settled Tuesday, and the other will settle July 12, according to a company news release.
The bonds are denominated in either U.S. or Australian dollars. The U.S. dollar-denominated debt has been swapped to Australian dollars to eliminate foreign currency risk during the term of the bonds.
The bonds have maturities of 10 years (A$108 million), 12 years (A$192 million) and 30 years (A$50 million).
Proceeds will be used to refinance existing shorter-term bank facilities.
U.S. long-dated private placement bonds now represent close to one-third of Envestra's total debt portfolio, according to the release.
Envestra, a gas distribution company based in Adelaide, South Australia, said it has no further debt maturities until July 2012, when $80 million of capital-indexed bonds and $240 million of bank facilities are due to mature.
| Issuer: | Envestra Ltd.
|
| Issue: | Bonds
|
| Amount: | Equivalent of A$350 million
|
| Maturity: | 10 years for A$108 million, 12 years for A$192 million, 30 years for A$50 million
|
| Settlement dates: | June 28 for first tranche, July 12 for second tranche
|
| Distribution: | Private placement
|
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