Powerco secures $100 million revolving cash advances facility
Tuesday, 7 December 2010
Electricity and gas distributor Powerco Limited announced today that it had successfully established a new $100 million revolving cash advances facility from the Company's banking syndicate, comprised of Westpac and ANZ.
Electricity and gas distributor Powerco Limited announced today that it had successfully established a new $100 million revolving cash advances facility from the Company’s banking syndicate, comprised of Westpac and ANZ.
Powerco Chief Financial Officer Dennis Martin said the Company would use the 5 year revolving cash advances facility to repay $100 million in Credit Wrapped Bonds when they mature on 29 March 2011 (NZDX: PWC 040).
Mr Martin said it was a pleasing outcome for Powerco.
“The term of the facility clearly demonstrates our banking syndicate’s support and confidence in Powerco, the reliability and quality of our assets, the robustness of our financial structure and the stability of our earning capability,” Mr Martin said.
Electricity and gas distributor Powerco is New Zealand’s second largest electricity and gas distribution utility with around 420,000 consumers connected to its networks. Powerco’s electricity networks are in Tauranga, Thames, Coromandel, Eastern and Southern Waikato, Taranaki, Wanganui, Rangitikei, Manawatu and the Wairarapa. Its gas pipeline networks are in Taranaki, Hutt Valley, Porirua, Wellington, Horowhenua, Manawatu and Hawke’s Bay.
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