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News on New Investment

Meridian Energy Limited has announced an offer of up to $150 million ($100 million with the ability to accept another $50 million in over subscriptions) of unsecured, unsubordinated, fixed rate bonds maturing on 20 March 2024. The indicative margin has been set at 1.50-1.60% pa over the 7-year swap interest rate which would imply an interest rate of between 4.80-4.90%pa if it were set today. The actual interest rate is to be set on 10 March 2017.

Meridian is New Zealand's largest electricity generator, generating 33% of the country's electricity, and is the fourth largest retailer, with 13% of market share in terms of customers as of 31 December 2016. Meridian operates seven hydroelectric power stations and seven wind farms predominantly across New Zealand but includes two wind farms in South Australia.

Meridian Energy has a BBB+ credit rating from Standard & Poor’s and the stable outlook was reaffirmed on 6 March 2017.