Brisbane-based Prime told the ASX and NZX yesterday afternoon that it had received cconfirmation of Standard & Poor's continuation of its ‘BBB’ credit rating, with stable outlook, where Prime Infrastructure Networks NZ acquires 100% of Powerco and agreed ringfencing and financial covenants are implemented.
Provided these measures are introduced, the senior secured debt will consequently be rated 'BBB'.
Prime Infrastructure managing director Chris Chapman said that confirmation from Standard & Poor’s meant PINNZ directors could declare the takeover offer for Powerco shares and capital bonds unconditional.
"We are pleased to announce the offer is now unconditional. The Powerco board members have confirmed they intend to accept the offer, and all conditions to the takeover offer have either been satisfied or waived.”
Prime would not be extending its offer beyond the November 2 deadline, so Chapman urged all Powerco shareholders to complete and return their acceptance and transfer forms to Powerco's share registry to avoid missing out.
Standard & Poor's has advised Powerco's rating will remain on CreditWatch negative until the takeover offer is completed, and certain agreed terms and conditions are implemented.
