TrustPower Limited (Unrated) the listed electricity generator and retailer is returning to the debt markets with a new $75m senior bond issue. The term is seven years to 15 December 2017.

Oversubscriptions of up to $25m will be accepted. In terms of security standing the senior bonds will rank pari passu with existing bank debt and earlier senior bonds issues in December 2009 and January 2010. Interest rate margin details will be released during the week commencing 20 September. Existing TrustPower bonds are trading at 2.50% above term swap rates in the secondary market; therefore the all-up interest rate being offered is likely to be near 7.25%.