Z Energy Decides Not To Launch Another Bond Issue
29 Juli 2011 - 12:33AM
Dow Jones News
New Zealand gasoline station operator and oil refiner Z Energy
Ltd. decided against proceeding with an additional bond issue
because the timing was not right, the company said Friday.
The company indicated earlier this month that it was looking at
issuing a new bond following the interest in its Aug. 15, 2018 bond
but has now pulled the plan.
"We're very pleased with the strong investor support for Z
Energy's current issue but, after looking carefully at the market,
we have decided that the timing is not right for another offer of
bonds," Z Energy Chief Executive Mike Bennetts.
Z Energy, which is jointly owned by Infratil Ltd. (IFT.NZ) and
the New Zealand Superannuation Fund, purchased the New Zealand
downstream assets of Royal Dutch Shell PLC (RDSA) in April 2010 and
is in the process of re-branding the stations.
--By Lucy Craymer, Dow Jones Newswires; 64-4-471-5990;
lucy.craymer@dowjones.com
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