Privately owned power generator, Contact Energy, said it would announce a NZ$300 million retail bond offer, with the ability to accept oversubscriptions, for fixed rate unsubordinated and unsecured bonds. Contact said pricing information would be available at the time the offer opened, which is expected to be March 2. (Updated to include amount offered.) "With gearing of 26 per cent as at 31 December 2008, Contact is in a sound financial position to fund its committed development projects," Contact Energy Communications Manager Jonathan Hill said in Contact's half yearly profit report disclosing a 79% fall in its profit. "In order to strengthen capacity, Contact has been developing various alternatives aimed at increasing its available funding, including arranging new bank debt facilities, extending existing facilities and preparing to raise capital in the domestic bond market," Hill said. To see a list of recent domestic bond issues and announcements, see our bond rush page.
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