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14 July 2010

Greenstone Energy considers retail bond issue

Greenstone Energy is considering a retail bond issue.

Greenstone is the New Zealand company which in April 2010 acquired the retail and distribution assets formerly owned by Shell New Zealand.

Greenstone Chief Executive Mike Bennetts said documentation on a bond issue was currently being developed.

He said while a final decision on a bond issue had yet to be taken, any bonds would likely mature from 2016 onwards. Any issue would be of secured bonds with bondholders sharing the same security as Greenstone's banks, on an equal ranking basis.

Mike Bennetts said an issue would look to raise in the order of $100 million which would be used to repay bank debt.

A final decision on a retail bond issue would likely be made by the end of July at which point all documentation would be finalised.

No money is currently being sought and no applications for the bonds will be accepted or money received unless the subscriber has received an investment statement.

Preliminary indications of interest may be made by contacting your Investment Advisor or phoning 0508 226 226. No indication of interest will involve an obligation or commitment of any kind.

About Greenstone Energy

Greenstone owns a 17 per cent shareholding in the New Zealand Refining Company, a network of 230 service stations and 95 truckstops, a network of fuel storage and distribution infrastructure and a 25 per cent shareholding in Loyalty New Zealand.

Craigs Investment Partners Limited may be appointed to a role for this offer and could receive a fee for doing so.

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