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Spark New Zealand Announces Subsidiary Spark Finance Successfully Prices Inaugural A$150M Issue

12 Oct 2017  |  15:21:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Spark Finance successfully prices inaugural A$150m issue

Spark New Zealand announced that its subsidiary Spark Finance has successfully priced an issue of A$150m 10 year fixed rate bonds maturing on 20 October 2027. This will be Spark's inaugural issue using its Australian debt issuance programme, and was open to institutional investors only. These funds will be used to refinance upcoming debt maturities. As Spark's first offshore long-term debt issuance since the demerger of Spark and Chorus in November 2011, this successful issuance into the Australian market will provide Spark with another strategic funding source; adding diversification and tenor benefits to complement its existing domestic funding programmes. The issue is expected to be rated 'A-' by S&P Global.

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