Rates Round Up: May 24
Hanover withdraws claim against Allied Farmers
Allied Farmers says that Hanover has withdrawn its summary judgment application against it sekking $5 million.
Hanover claimed Allied owed it $5 million as part of the debt for equity swap and the money was due on June 30 2010. The claim will now proceed as a normal civil action with a timetable expected to be set later this year. Allied Farmers intend to "continue to defend the claim vigorously."
Genesis raises $275 mill in bonds
Genesis Energy has raised the full $275 million in subordinated 30-year capital bonds it sought and has set the interest rate at the minimum 8.5% for the first five years.
The bonds, which are rated "BB-" by Standard & Poor's, will partly fund Genesis' $821 million acquisition of the Tekapa A and B hydro power stations.
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