Mercury NZ (NZE:MCY, ASX:MCY) launched an offering of up to NZ$300 million of unsecured, subordinated capital bonds to institutional and New Zealand retail investors, according to a Monday New Zealand bourse filing.
The company can accept up to NZ$50 million in oversubscription, and the offer ends June 27, the filing said. The indicative margin is 2% to 2.15% per annum.
The bonds are expected to be rated BB+ by S&P, according to the filing. If successful, the company will redeem its NZE-listed unsecured subordinated bonds with the ticker MCY020 on July 11.
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