The latest DirectBond comes from a New South Wales based electricity distribution company
Network Finance Company Pty Limited (Network Finance) is the finance vehicle of the Endeavour Energy Group (Endeavour). Endeavour is based in New South Wales and is a regulated electricity distribution business, the company’s distribution network serves a mix of urban and rural areas and accounts for approximately 2.4m people.
Issued on 6 December 2017, the senior notes are available from AUD10,000, with quarterly coupon payments at a floating rate of 3M BBSW+123bps. Its final maturity date is 6 December 2024.
The bond is available to wholesale investors only. For more information, please see the Network Finance 2024 Factsheet.
Endeavour’s electricity distribution network spans approximately 24,500 square kilometres and serves more than 970,000 connected customers throughout Sydney’s Greater West, the Blue Mountains, Southern Highlands, Illawarra and South Coast of NSW.
Endeavour maintains and operates one of the three distribution networks that transport electricity from NSW’s high voltage transmission network to the premises of residential, commercial and industrial electricity users. Over 95% of Endeavour’s revenues are derived from regulated services and the business is supported via its growing Regulated Asset Base.
As such, the Network Finance notes provide investors with an opportunity to participate in an energy infrastructure business primarily regulated in Australia.