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Australian energy firm SP AusNet (SPN.AX) (SPAU.SI), part owned by Singapore Power, has priced A$300 million ($257 million) of 7.5-year notes at 160 basis points over swap to refinance debt, it said on Thursday.
The offer, launched as a A$200 million size deal but capped at A$300 million, paid a slighly lower margin than initially expected at around 165 bps.
The issue completes SP AusNet’s refinancing requirement of A$960 million to 2011, Geoff Nicholson, SP AusNet’s chief financial officer said in a statement.
ANZ, Commonwealth Bank of Australia and Westpac Institutional Bank, jointly led the issue, and sold the bonds in Australia and offshore.
This is the second only bond issue this year from a non-financial borrower in Australia and follows a sale by toll road operator Transurban’s (TCL.AX) earlier this week.
Bond issues from non-financial borrowers are rare in Australia and investors are relishing the prospect that non-financial borrowers might issue bonds in a market dominated by bank issuers.
Only 3.5% of Australian dollar bond issuance last year came from non-financial firms, or corporates, according to ADCM data.
Property developer Mirvac Group (MGR.AX) is expected to price this week a five-year bond issue.
