Meridian Energy launches green bond offer for up to $350m

Meridian Energy Limited has announced the launch of a Green Bond offer, aiming to raise up to $250 million with the ability to accept oversubscriptions of an additional $100 million, bringing the potential total to $350 million. These 6.5-year unsecured, unsubordinated, fixed-rate green bonds are available to institutional and New Zealand retail investors. The offer opens today, September 1, 2025, and is expected to close at 11 am on Thursday, September 4, 2025. The bonds are anticipated to be issued on September 11, 2025, and quoted on the NZX Debt Market on September 12, 2025.

The Green Bonds will feature an interest rate set on the Rate Set Date, comprising a Base Rate plus an Issue Margin, with a minimum interest rate of 4.35% per annum. The indicative Issue Margin range is between 1.00% and 1.10% per annum. The actual Issue Margin and Interest Rate will be announced via NZX on Thursday, September 4, 2025, following a bookbuild process. Meridian holds an Issuer Credit Rating of BBB+ (stable outlook) from S&P Global Ratings, and the Green Bonds are expected to receive an Issue Credit Rating of BBB+.

There will be no public pool for the offer, as all Green Bonds are reserved for clients of the Joint Lead Managers, institutional investors, and other primary market participants invited to participate in the bookbuild. Detailed information, including the indicative terms sheet and investor presentation, has been provided to NZX and is available on Meridian Energy's website.