Meridian Energy launches retail Green Bond offer

  • Investor news

Meridian Energy Limited (Meridian) confirmed today that it is offering up to $150 million (with the ability to accept oversubscriptions of up to an additional $50 million at Meridian’s discretion) of 5.5 year unsecured, unsubordinated, fixed rate green bonds (Green Bonds) to institutional and New Zealand retail investors.

The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The offer is expected to close at 11:00am on Thursday, 9 March 2023 and the Green Bonds are expected to be quoted on the NZX Debt Market.
Meridian has an Issuer Credit Rating from S&P Global Ratings of BBB+ (stable outlook). The Green Bonds are expected to be assigned an Issue Credit Rating of BBB+.

The Interest Rate for the Green Bonds will be set on the rate set date as being equal to the Base Rate plus the Issue Margin, subject to a minimum Interest Rate of 5.70% per annum.

The indicative Issue Margin range for the Green Bonds is 1.10% to 1.20% per annum. An announcement of the actual Issue Margin (which may be within, above or below the indicative Issue Margin range) and Interest Rate is expected to be made via NZX on Thursday, 9 March 2023 following a bookbuild process.

Meridian’s existing $150 million (MEL030) bonds mature on 14 March 2023. The Issue Date for the Green Bonds is expected to be Monday, 20 March 2023. Investors in the Green Bonds who own MEL030 bonds are expected to receive the proceeds from the maturity of those bonds before the expected Issue Date for the Green Bonds.

There is no public pool for the offer, with all of the Green Bonds to be reserved for clients of the Joint Lead Managers, other primary market participants and institutional investors.

Details of the offer are contained in the indicative terms sheet. The indicative terms sheet is available at or by contacting one of the Joint Lead Managers (listed below) or your usual financial adviser.

Copies of the indicative terms sheet and investor presentation have also been provided to NZX with this announcement or can be found at

Joint Lead Managers:
ANZ Bank New Zealand Limited: 0800 269 476
Bank of New Zealand: 0800 284 017
Craigs Investment Partners Limited: 0800 226 263
Forsyth Barr Limited: 0800 367 227


Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Meridian Energy Media Team
0800 948 843