Last month the company, this country's fourth largest electricity retailer, announced it was re-entering the New Zealand bond market - with the offer of a new 10-year unsecured subordinated bond at an 8.5% per annum interest rate

Today the company said that, under its shareholder approval scheme, it was obliged to cease issuance at NZ$54.7 million and that this level of sales or forward commitments had now been met. Further applications that were not part of a firm broker commitment would not be processed and would be returned to applicants.

"TrustPower's success with this issue and its prior issues of long-term bonds is testament to the high regard in which the company is held by investors and the financial community," said company chairman Harold Titter.

Last month TrustPower said bonds had become an important part of its overall funding as it looked to develop new generation capacity and achieve a more efficient capital structure.

TrustPower - largely owned by infrastructure investor Infratil (35.2%), Tauranga Energy Consumer Trust (28.6%) and US energy company Alliant (23.8%) - is presently doubling the size of its 68MW wind farm on the Tararua Ranges, near Palmerston North, as well as looking at other wind and hydro opportunities in various parts of the country.