Solid Energy New Zealand Limited announced today it was raising up to NZ$50m in unsecured, unsubordinated medium term notes. The issue is for wholesale investors only and is for a period of 7 years (maturing 29 March 2018)

The funds raised are for general corporate purposes only and the yield will be set at either the greater of 7% (currently 227bps) or the 7 year swap rate plus 2.00%.

The issue is unrated.

The minimum subscription is NZ$500,000 and $100,000 thereafter.

Key dates:
Opening date:           Monday, 21 March 2011
Closing date:           11am, Friday, 25 March 2011
Rate Set date:          Friday, 25 March 2011
Issue date:             Tuesday, 29 March 2011