The Election Date for Vector’s $307,205,000 Capital Bonds (VCT080) is on 15 June 2022.
On 3 May 2022, Bondholders were sent an Election Notice and explanatory notes containing information about the new interest rate applicable to the Capital Bonds for the period from 15 June 2022 until the next election date of 15 June 2027 and details of Bondholders’ election options.
New Zealand Bondholders had until 5pm on 31 May 2022 to respond to the Election Notice.
The outcome of the Election Notice process is as follows:
$268,774,500 of Capital Bonds were retained by existing Bondholders;
$38,430,500 of Capital Bonds were offered for sale by existing Bondholders under the Resale Facility established by Vector; and
existing Bondholders applied to purchase $26,097,500 additional Capital Bonds through the Resale Facility.
All of the Capital Bonds offered for sale by existing Bondholders under the Resale Facility have been sold, with settlement of such sales to occur on 15 June 2022. Capital Bonds offered for sale by existing Bondholders under the Resale Facility were first allocated to existing Bondholders who applied to purchase additional Capital Bonds through the Resale Facility, with the balance allocated to new investors through a firm allocation process.
Joint Lead Managers
Chief Financial Officer
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Vector is an innovative New Zealand energy company which runs a portfolio of businesses delivering energy and communication services to more than one million homes and commercial customers across Australasia and the Pacific. Vector is leading the country in creating a new energy future through its Symphony strategy which puts customers at the heart of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information, visit www.vector.co.nz