AusNet Set Services, formerly SP AusNet, manager of three Victorian energy networks, today announced that it has successfully priced a SGD200 million 60 year hybrid security in the form of subordinated, non-convertible notes. This is the first hybrid security from the company and will be callable after the initial 5 year period. Pricing has not yet been released but is thought to be around the 5.5% level with an order book of around SGD$280 million.
In January, Moody’s Investor Services assigned a provisional rating of Baa2 to a proposed AUD$600 million to AUD$700 million issue programme of capital notes by AusNet with the company holding an A3 rating with a stable outlook. The Singapore dollar issue is the first in that programme.