Contact Energy almost doubles bond offer to NZ$550 million

Contact Energy announced it would cap its bond offer at NZ$550 million. The BBB rated bonds will mature in May 2014 and are offered at a rate of 8% p/a. The offer is set to close on March 31. Contact origionally said it was looking to raise NZ$300 million. "We are pleased with the response from New Zealand investors. It shows good support for Contact's business and its strategic initiatives," Contact Energy CEO David Baldwin said. "Contact intends to use the capital raised to support its capital investment program and may also use it to repay existing debt," Baldwin said. To see a list of retail bonds offered in New Zealand, see our Bond Rush page.