Meridian Energy launches fixed rate retail bond offer

PG 1

Meridian Energy launches fixed rate retail bond offer
6 March, 2017
Meridian Energy Limited (Meridian) announced today that it is offering up to NZ$100,000,000 unsecured,
unsubordinated fixed rate bonds (Bonds) to institutional and New Zealand retail investors, with the ability to
accept up to $50,000,000 oversubscriptions at Meridian’s discretion.
Full details of the Bond offer are contained in the Terms Sheet, available through
www.meridianenergy.co.nz/investors

or by contacting the Joint Lead Managers, Co-Manager or an NZX
Participant, and must be obtained by investors before they decide to acquire any Bonds.
The Bonds are expected to be quoted on the NZX Debt Market and have a long term credit rating of BBB+

from Standard & Poor's.
The Bonds have a maturity date of 20 March 2024 and the indicative margin for the Bonds is 1.50 to 1.60
percent per annum. The margin (which may be above or below the indicative margin) and interest rate will be
set following a bookbuild process on 10 March 2017 and will be announced by Meridian via NZX shortly
thereafter.
The offer will close on 10 March 2017 following the bookbuild process, with the Bonds expected to be issued
on 20 March 2017.
There is no public pool for the Bonds, which will be reserved for the clients of Bank of New Zealand, Westpac
Banking Corporation (acting through its New Zealand branch), Deutsche Craigs Limited and NZX participants.
Joint Lead Manager

Joint Lead Manager Co-Manager




Phone:
0800 284 017

Phone:
0800 942 822

Phone:
0800 226 263

ENDS

Mark Binns
Chief Executive

PG 2
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philippa Norman
External Communications
04 806 4607

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Joint Lead Manager
Joint Lead Manager
Co-Manager

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1
Includes the December 2016 interim dividend declared

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JOINT LEAD MANAGER
CO-MANAGER
JOINT LEAD MANAGER
Terms sheet
fixed rate bonds
MATURING 20 MARCH 2024
06 MARCH 2017

MERIDIAN ENERGY
1
BONDS ISSUE Terms Sheet
Terms Sheet
6 MARCH 2017
This Terms Sheet sets out the key
terms of the offer (“Offer”) by Meridian
Energy Limited (“Meridian”) of up to
$100,000,000 (with the ability to accept
oversubscriptions of up to $50,000,000
at Meridian's discretion) fixed rate
bonds maturing on 20 March 2024
(“2024 Bonds”) under its master
trust deed dated 1 December 2008
(as amended from time to time)
(“Trust Deed”) as modified and
supplemented by the supplemental
trust deed dated 3 March 2017
(to ge t her, “Trust Documents”)
entered into between Meridian
and Trustees Executors Limited
(“Supervisor”). Unless the context
otherwise requires, capitalised terms
used in this Terms Sheet have the
same meaning given to them in the
Trust Documents.
Important Notice
The offer of debt securities by Meridian
is made in reliance upon the exclusion in
clause 19 of schedule 1 of the Financial
Markets Conduct Act 2013 (“FMCA”).
The offer contained in this Terms Sheet
is an offer of bonds that have identical
rights, privileges, limitations and
conditions (except for the interest rate
and maturity date) as:
• Meridian's bonds maturing on
16 March 2017, which have a fixed
interest rate of 7.55% per annum
and are currently quoted on the
NZX Debt Market under the ticker
code MEL020; and
• Meridian’s bonds maturing on
14 March 2023, which have a fixed
interest rate of 4.53% per annum
and are currently quoted on the
NZX Debt Market under the ticker
code MEL030, (together the
“Existing Bonds”).
Accordingly, the 2024 Bonds are the
same class as the Existing Bonds for the
purposes of the FMCA and the Financial
Markets Conduct Regulations 2014.
Meridian is subject to a disclosure
obligation that requires it to notify
certain material information to NZX
Limited (“NZX”) for the purpose of that
information being made available to
participants in the market and that
information can be found by visiting
www.nzx.com/companies/MEL.
The Existing Bonds are the only debt
securities of Meridian that are currently
quoted and in the same class as the
2024 Bonds.
Investors should look to the market
price of the Existing Bonds referred
to above to find out how the market
assesses the returns and risk premium
for those bonds.
Contact details
ISSUER
Meridian Energy Limited
33 Customhouse Quay
Wellington Central
Wellington 6011
REGISTRAR
Computershare Investor
Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
Auckland 1142
ORGANISING PARTICIPANT
AND JOINT LEAD MANAGER
Westpac Banking
Corporation
(ABN 33 007 457 141)
(acting through its
New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010
JOINT LEAD MANAGER
Bank of New Zealand
Level 6, 80 Queen Street
Auckland 1010
CO-MANAGER
Deutsche Craigs Limited
Level 36
Vero Centre
48 Shortland Street
Auckland 1010
SUPERVISOR
Trustees Executors Limited
Level 5
10 Customhouse Quay
Wellington 6011
LEGAL ADVISERS TO MERIDIAN
Russell McVeagh
Level 24
157 Lambton Quay
Wellington 6011

MERIDIAN ENERGY
2
BONDS ISSUE Terms Sheet
KEY TERMS OF THE BONDS
IssuerMeridian Energy Limited
DescriptionThe 2024 Bonds are unsecured, unsubordinated, fixed rate interest bearing debt obligations
of Meridian.
GuaranteeThe 2024 Bonds are guaranteed by various subsidiaries of Meridian that are from time to time
Guaranteeing Group Members, as detailed below under “Financial Covenants”.
PurposeMeridian will use the net proceeds of the Offer for general corporate purposes.
Credit RatingsIssuer Credit RatingIssue Credit Rating
Standard & Poor’s BBB+ BBB+
A rating is not a recommendation by any rating organisation to buy, sell or hold the 2024 Bonds.
The above credit ratings are current as at the date of this Terms Sheet and may be subject to
suspension, revision or withdrawal at any time by Standard & Poor’s.
Issue AmountMeridian is offering up to $100,000,000 of 2024 Bonds with the ability to accept
oversubscriptions of up to $50,000,000 at Meridian’s discretion. The offer is not underwritten.
Opening Date6 March 2017
Closing DateBids due by 12pm 10 March 2017
Rate Set Date10 March 2017
Issue Date and Allotment Date20 March 2017
Maturity Date20 March 2024
Interest RateThe Interest Rate will be the sum of the Issue Margin and the Base Rate.
The Interest Rate will be announced by Meridian via NZX on or shortly after the Rate Set Date.
Indicative Issue MarginThe indicative range for the Issue Margin is 1.50 – 1.60 per cent per annum.
Issue MarginThe Issue Margin will be determined by Meridian in consultation with the Joint Lead Managers
following completion of the book-build process and announced via NZX on or shortly after the
Rate Set Date.
Base RateThe mid-market rate for an interest rate swap of a term matching the period from the
Issue Date to the Maturity Date as calculated by the Joint Lead Managers in consultation with
Meridian, according to market convention, with reference to Reuters page ICAPKIWISWAP2
(or any successor page) on the Rate Set Date and rounded to 2 decimal places, if necessary,
with 0.005 being rounded up.
Interest PaymentsInterest will be payable semi-annually in arrear in equal amounts on 20 March and 20 September
of each year up to and including the Maturity Date. The First Interest Payment Date will be
20 September 2017.
If an Interest Payment Date is not a Business Day, the due date for the payment to be made on
that date will be the next following Business Day and no adjustment will be made to the amount
payable as a result of the delay in payment.
Record Date5.00pm on the tenth calendar day before the due date for that payment or, if that day is not
a Business Day, the preceding Business Day or such other date as is advised by the Registrar
to Holders from time to time.
Issue Price$1.00 per 2024 Bond
Minimum ApplicationThe minimum application is $5,000, with multiples of $1,000 thereafter.
RegistrarComputershare Investor Services Limited

MERIDIAN ENERGY
3
BONDS ISSUE Terms Sheet
Early repaymentThe Holders of the 2024 Bonds have no right to require Meridian to redeem the 2024 Bonds
early except through the Supervisor in the case of an Event of Default (as set out in the Trust
Documents). If the 2024 Bonds are repaid early following an Event of Default, interest will be
payable up to (but excluding) the date of repayment.
Meridian does not have the right to redeem the 2024 Bonds early.
Further indebtednessMeridian may, without the consent of the Holders of the 2024 Bonds, issue additional securities
or other debt obligations on such other terms and conditions as Meridian may think fit.
Financial covenantsThe Trust Documents contain the following financial covenants:
(a) the ratio of EBITDA of Meridian and all of its subsidiaries and associates (the “Group”)
to Interest and Financing Costs of the Group must not be less than 2.5 to 1.0 (tested
semi-annually by reference to any two of the three previous 12 month periods);
(b) at all times Debt will not be more than 55% of the Debt plus Equity;
(c) at all times Equity will not be less than $1,250,000,000; and
(d) at all times the Total Tangible Assets of the Guaranteeing Group will not be less than
80% of Total Tangible Assets of the Group.
As at the date of this Terms Sheet, the Guaranteeing Group Members are Meridian Energy
Limited, Three River Holdings No. 1 Limited, Three River Holdings No. 2 Limited, Meridian Wind
Monaro Range Holdings Pty Limited, Meridian Wind Monaro Range Pty Limited, Meridian
Australia Holdings Pty Ltd, Meridian Wind Australia Holdings Pty Ltd, Meridian Energy Markets
Pty Ltd, Mt Mercer Windfarm Pty Ltd, Meridian Energy Australia Pty Limited, Meridian Finco Pty
Limited and Mt Millar Wind Farm Pty Ltd.
Negative pledgeThe Trust Deed contains a negative pledge which provides that no Guaranteeing Group Member
will create or permit to arise or subsist any Security Interest over its assets except under certain
limited exceptions set out in the Trust Deed.
How to applyAll of the 2024 Bonds, including oversubscriptions, are reserved for clients of the Joint Lead
Managers, the Co-Manager, institutional investors and other primary market participants
invited to participate in the book-build. There will be no public pool for the offer. Accordingly,
retail investors should contact a Joint Lead Manager, the Co-Manager, their financial adviser or
any primary market participant for details on how they may acquire 2024 Bonds. You can find a
primary market participant by visiting www.nzx.com/investing/find_a_participant.
In respect of oversubscriptions or generally, any allotment of 2024 Bonds will be at Meridian's
discretion, in consultation with the Joint Lead Managers. Meridian reserves the right to refuse all
or any part of an application without giving any reason.
Each investor's financial adviser will be able to advise them as to what arrangements will need to
be put in place for the investors to trade the 2024 Bonds including obtaining a common
shareholder number (CSN), an authorisation code (FIN) and opening an account with a primary
market participant as well as the costs and timeframes for putting such arrangements in place.
ISINNZMELDT024C2
TransfersHolders are entitled to sell or transfer their 2024 Bonds at any time subject to the terms of the
Trust Documents and applicable securities laws and regulations. Meridian may decline to register
a transfer of 2024 Bonds for the reasons set out in the Trust Documents.
The minimum amount of 2024 Bonds a Holder can transfer is $1,000, and integral multiples of
$1,000 thereafter. No transfer of 2024 Bonds or any part of a Holder’s interest in a 2024 Bond will
be registered if the transfer would result in the transferor or the transferee holding or continuing
to hold 2024 Bonds with an aggregate principal amount of less than the minimum holding of
$5,000 (other than zero).
NZX has approved these transfer restrictions in accordance with NZX Debt Market Listing
Rule 11.1.5 on the condition that Meridian will only allot the 2024 Bonds in multiples of $1,000.
Repo-eligibilityMeridian intends to apply to the Reserve Bank of New Zealand for the 2024 Bonds to be included
as eligible securities for domestic market operations.

MERIDIAN ENERGY
4
BONDS ISSUE Terms Sheet
NZX quotationMeridian will take any necessary steps to ensure that the 2024 Bonds are, immediately after
issue, quoted. Application has been made to NZX for permission to quote the 2024 Bonds on
the NZX Debt Market and all the requirements of NZX relating thereto that can be complied
with on or before the distribution of this Terms Sheet have been duly complied with. However,
NZX accepts no responsibility for any statement in this Terms Sheet. NZX is a licensed market
operator and the NZX Debt Market is a licensed market under the FMCA.
NZX Debt Market Ticker CodeMEL040
Expected Date of Initial Quotation
on the NZX Debt Market
21 March 2017
Selling restrictionsThe selling restrictions set out in the schedule to this terms sheet apply.
Organising ParticipantWestpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)
Joint Lead ManagersBank of New Zealand
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)
Co-ManagerDeutsche Craigs Limited
SupervisorTrustees Executors Limited
Governing LawNew Zealand
NZX WaiversNZX has granted Meridian a waiver in respect of the 2024 Bonds from NZX Debt Market
Listing Rule 5.2.3 (as modified by NZX's ruling on NZX Debt Market Listing Rule 5.2.3 issued
on 29 September 2015) to enable Meridian to apply for quotation on the NZX Debt Market even
though the 2024 Bonds may not initially be held by at least 100 members of the public holding
at least 25% of the 2024 Bonds issued. The waiver has been granted for a period of six months
from the quotation date of the 2024 Bonds. The effect of the waiver from NZX Debt Market
Listing Rule 5.2.3 is that initially the 2024 Bonds may not be widely held and there may be
reduced liquidity in the 2024 Bonds. To the extent that there is a material reduction in the
spread of the 2024 Bonds, Meridian will notify NZX accordingly.
NZX has also granted Meridian a waiver from NZX Debt Market Listing Rule 7.11.1 to allow
allotment of the Bonds to occur within six business days after the Closing Date.
The dates set out in this Terms Sheet are indicative only and are subject to change. Meridian has the right in its absolute discretion and without
notice to close the Offer early, to accept late applications, to extend the Closing Date or to choose not to proceed with the Offer. If the Closing Date
is extended, subsequent dates may be extended accordingly.
Copies of the Trust Documents are available at Meridian's website at www.meridianenergy.co.nz/investors.
Any internet site addresses provided in this Terms Sheet are for reference only and, except as expressly stated otherwise, the content of any such
internet site is not incorporated by reference into, and does not form part of, this Terms Sheet.
Investors should seek qualified independent financial and taxation advice before deciding to invest. In particular, you should consult your tax
adviser in relation to your specific circumstances. Investors will also be personally responsible for ensuring compliance with relevant laws and
regulations applicable to them (including any required registrations).
For further information regarding Meridian, visit www.nzx.com/companies/MEL.

MERIDIAN ENERGY
5
BONDS ISSUE Terms Sheet
Schedule – selling restrictions
Part A – initial selling restrictions
The Bonds may only be offered in New Zealand
in conformity with all applicable laws and
regulations in New Zealand. In respect of the
initial offer of Bonds by Meridian under this
Terms Sheet (Initial Offer), no Bonds may be
offered in any other country or jurisdiction
except in conformity with all applicable laws
and regulations of that country or jurisdiction
and the selling restrictions set out below in
this Part A. This Terms Sheet may not be
published, delivered or distributed in or from
any country or jurisdiction except under
circumstances which will result in compliance
with all applicable laws and regulations in
that country or jurisdiction and the selling
restrictions set out below in this Part A.
For the avoidance of doubt, the selling
restrictions set out below in this Part A
apply only in respect of the Initial Offer.
No action has been or will be taken by
Meridian which would permit an offer of
Bonds to the public, or possession or
distribution of any offering material, in any
country or jurisdiction where action for that
purpose is required (other than New Zealand).
By purchasing the Bonds, each Holder agrees
to indemnify Meridian in respect of any loss,
cost, liability or expense sustained or incurred
by Meridian as a result of the breach by the
Holder of the selling restrictions.
Relevant Member States of the
European Economic Area
In relation to each Member State of the
European Economic Area which has
implemented the Prospectus Directive
(each, a Relevant Member State), with effect
from and including the date on which the
Prospectus Directive is implemented in that
Relevant Member State (the Relevant
Implementation Date) no Bonds have been
offered and no Bonds will be offered that are
the subject of the offering contemplated by
this Terms Sheet in relation thereto to the
public in that Relevant Member State except
that an offer of Bonds to the public in the
Relevant Member State may be made with
effect from the Relevant Implementation Date:
(a) to any legal entity which is a qualified
investor as defined in the Prospectus
Directive;
(b) to fewer than 150 natural or legal persons
(other than qualified investors as defined
in the Prospectus Directive) subject to
obtaining the prior consent of the relevant
Joint Lead Manager or Joint Lead
Manager(s) nominated by Meridian for
any such offer; or
(c) in any other circumstances falling within
Article 3(2) of the Prospectus Directive,
provided that no such offer of the Bonds
shall require Meridian or any Joint Lead
Manager or the Co-Manager to publish
a prospectus pursuant to Article 3 of the
Prospectus Directive or supplement a
prospectus pursuant to Article 16 of the
Prospectus Directive.
For the purposes of this provision, the
expression an offer of the Bonds to the public
in relation to any Bonds in any Relevant
Member State means the communication in
any form and by any means of sufficient
information on the terms of the offer and the
Bonds to be offered so as to enable an
investor to decide to purchase or subscribe
for the Bonds, as the same may be varied in
that Relevant Member State by any measure
implementing the Prospectus Directive in that
Relevant Member State, and the expression
Prospectus Directive means Directive
2003/71/EC (as amended, including by
Directive 2010/73/EU) and includes any
relevant implementing measure in each
Relevant Member State.
United Kingdom
No communication, invitation or inducement
to engage in investment activity (within the
meaning of section 21 of the Financial Services
and Markets Act 2000 (FSMA)) has been or
may be made or caused to be made or will be
made in connection with the issue or sale of
the Bonds in circumstances in which section
21(1) of the FSMA applies to Meridian.
All applicable provisions of the FSMA with
respect to anything done in relation to the
Bonds in, from or otherwise involving the
United Kingdom must be complied with.
Japan
The Bonds have not been and will not be
registered in Japan pursuant to Article 4,
Paragraph 1 of the Financial Instruments and
Exchange Act of Japan (Act No. 25 of 1948,
as amended, the FIEA) in reliance upon the
exemption from the registration requirements
since the offering constitutes the small
number private placement as provided for in
“ha” of Article 2, Paragraph 3, Item 2 of the
FIEA. A Japanese Person who transfers the
Bonds shall not transfer or resell the Bonds
except where the transferor transfers or
resells all the Bonds en bloc to one transferee.
For the purposes of this paragraph, Japanese
Person shall mean any person resident in
Japan, including any corporation or other
entity organised under the laws of Japan.
Singapore
This Terms Sheet has not been registered as
a prospectus with the Monetary Authority of
Singapore. Accordingly, this Terms Sheet and
any other document or material in connection
with the offer or sale, or invitation for
subscription or purchase, of the Bonds may
not be circulated or distributed, nor may the
Bonds be offered or sold, or be made the
subject of an invitation for subscription or
purchase, whether directly or indirectly, to
any person in Singapore other than (a) to an
institutional investor (as defined in Section 4A
of the Securities and Futures Act (Chapter 289
of Singapore) (SFA)) pursuant to Section 274 of
the SFA, (b) to a relevant person (as defined in
Section 275(2) of the SFA) pursuant to Section
275(1) of the SFA, or any person pursuant to
Section 275(1A) of the SFA, and in accordance
with the conditions specified in Section 275 of
the SFA or (c) otherwise pursuant to, and in
accordance with the conditions of, any other
applicable provision of the SFA.
Where the Bonds are subscribed or purchased
in reliance on an exemption under Section 274
or Section 275 of the SFA, the Bonds shall not
be sold within the period of six months from
the date of the initial acquisition of the
Bonds, except (i) to an institutional investor
(as defined in Section 4A of the SFA), (ii) to a
relevant person (as defined in Section 275(2)
of the SFA), or (iii) to any person pursuant to
an offer referred to in Section 275(1A) of the

MERIDIAN ENERGY
6
BONDS ISSUE Terms Sheet
SFA, unless expressly specified otherwise in
Section 276(7) of the SFA or Regulation 32 of
the Securities and Futures (Offers of
Investments) (Shares and Debentures)
Regulations 2005 of Singapore (SFR).
Where the Bonds are subscribed or purchased
under Section 275 of the SFA by a relevant
person which is:
(a) a corporation (which is not an accredited
investor (as defined in Section 4A of the
SFA)) the sole business of which is to hold
investments and the entire share capital
of which is owned by one or more
individuals, each of whom is an accredited
investor; or
(b) a trust (where the trustee is not an
accredited investor) whose sole purpose
is to hold investments and each
beneficiary of the trust is an individual
who is an accredited investor,
securities (as defined in Section 239(1)
of the SFA) of that corporation or the
beneficiaries’ rights and interest
(howsoever described) in that trust shall
not be transferred within six months after
that corporation or that trust has acquired
the Bonds pursuant to an offer made
under Section 275 of the SFA except:
(1) to an institutional investor or
to a relevant person (defined in
Section 275(2) of the SFA);
(2) (in the case of a corporation) where
the transfer arises from an offer
referred to in Section 276(3)(i)(B)
of the SFA or (in the case of a trust)
where the transfer arises from an offer
referred to in Section 276(4)(i)(B)
of the SFA;
(3) where no consideration is or will be
given for the transfer;
(4) where the transfer is by operation
of law;
(5) as specified in Section 276(7) of the
SFA; or
(6) as specified in Regulation 32 of
the SFR.
Hong Kong
This Terms Sheet has not been and will not be
registered with the Registrar of Companies in
the Hong Kong Special Administrative Region
of the People’s Republic of China (Hong Kong).
No Bonds have been offered or sold or will be
or may be offered or sold in Hong Kong, by
means of any document other than (a) to
professional investors as defined in the
Securities and Futures Ordinance (Cap. 571) of
Hong Kong (SFO) and any rules made under
the SFO; or (b) in other circumstances which
do not result in the document being a
prospectus as defined in the Companies
(Winding Up and Miscellaneous Provisions)
Ordinance (Cap. 32) of Hong Kong (C(WUMP)
O) or which do not constitute an offer to the
public within the meaning of the C(WUMP)O.
No advertisement, invitation or document
relating to the Bonds may be issued or in the
possession of any person or will be issued or
be in the possession of any person in each
case for the purpose of issue, whether in Hong
Kong or elsewhere, which is directed at, or the
contents of which are likely to be accessed or
read by, the public of Hong Kong (except if
permitted to do so under the securities laws
of Hong Kong) other than with respect to the
Bonds which are or are intended to be
disposed of only to persons outside Hong
Kong or only to professional investors as
defined in the SFO and any rules made
under the SFO.
Australia
No prospectus or other disclosure document
(as defined in the Corporations Act 2001 of
Australia (Corporations Act)) in relation to
the Bonds has been, or will be, lodged with,
or registered by, the Australian Securities
and Investments Commission (ASIC) or any
other regulatory authority in Australia.
No person may:
(a) make or invite (directly or indirectly)
an offer of the Bonds for issue, sale or
purchase in, to or from Australia
(including an offer or invitation which is
received by a person in Australia); and
(b) distribute or publish, any Terms Sheet,
information memorandum, prospectus
or any other offering material or
advertisement relating to the Bonds
in Australia,
unless:
(i) the aggregate consideration payable
by each offeree or invitee is at least
A$500,000 (or its equivalent in an
alternative currency and, in either
case, disregarding moneys lent by
the offeror or its associates) or the
offer or invitation otherwise does
not require disclosure to investors
in accordance with Part 6D.2 or
Part 7.9 of the Corporations Act;
(ii) the offer or invitation is not made
to a person who is a “retail client”
within the meaning of section 761G
of the Corporations Act;
(iii) the offer, invitation or distribution
complied with the conditions of the
Australian financial services license
of the person making the offer,
invitation or distribution or an
applicable exemption from the
requirement to hold such license;
(iv) such action complies with all
applicable laws, regulations and
directives; and
(v) such action does not require any
document to be lodged with ASIC
or any other regulatory authority
in Australia.
By applying for the Bonds under this Terms
Sheet, each person to whom the Bonds are
issued (an Investor):
(a) will be deemed by Meridian and each
of the Joint Lead Managers and the
Co-Manager to have acknowledged that
if any Investor on-sells the Bonds within
12 months from their issue, the Investor
will be required to lodge a prospectus
or other disclosure document (as defined
in the Corporations Act) with ASIC
unless either:

MERIDIAN ENERGY
7
BONDS ISSUE Terms Sheet
(i) that sale is to an investor within one
of the categories set out in sections
708(8) or 708(11) of the Corporations
Act to whom it is lawful to offer the
Bonds in Australia without a
prospectus or other disclosure
document lodged with ASIC; or
(ii) the sale offer is received outside
Australia; and
(b) will be deemed by Meridian and each
of the Joint Lead Managers and the
Co-Manager to have undertaken not to
sell those Bonds in any circumstances
other than those described in paragraphs
(a)(i) and (a)(ii) above for 12 months after
the date of issue of such Bonds.
This Terms Sheet is not, and under no
circumstances is to be construed as, an
advertisement or public offering of any
Bonds in Australia.
Switzerland
The Bonds may not be publicly offered in
Switzerland and will not be listed on the SIX
Swiss Exchange Ltd. (SIX Swiss Exchange)
or on any other stock exchange or regulated
trading facility in Switzerland. This Terms
Sheet does not constitute a prospectus within
the meaning of, and has been prepared
without regard to the disclosure standards
for issue prospectuses under art. 652a or art.
1156 of the Swiss Code of Obligations or the
disclosure standards for listing prospectuses
under art. 27 ff. of the SIX Swiss Exchange
Listing Rules or the listing rules of any other
stock exchange or regulated trading facility
in Switzerland. Neither this Terms Sheet nor
any other offering or marketing material
relating to the Bonds or the offering may
be publicly distributed or otherwise made
publicly available in Switzerland.
Neither this Terms Sheet nor any other
offering or marketing material relating to the
offering, Meridian or the Bonds have been or
will be filed with or approved by any Swiss
regulatory authority. In particular, this Terms
Sheet will not be filed with, and the offer of
Bonds will not be supervised by, the Swiss
Financial Market Supervisory Authority FINMA
(FINMA), and the offer of Bonds has not been
and will not be authorised under the Swiss
Federal Act on Collective Investment Schemes
(CISA). The investor protection afforded to
acquirers of interests in collective investment
schemes under the CISA does not extend to
acquirers of Bonds.
Part B – general selling restrictions
The Bonds may only be offered for sale
or sold in New Zealand in conformity with
all applicable laws and regulations in
New Zealand. No Bonds may be offered
for sale or sold in any other country or
jurisdiction except in conformity with all
applicable laws and regulations of that
country or jurisdiction. No offering document
or other offering material in respect of the
Bonds may be published, delivered or
distributed in or from any country or
jurisdiction except under circumstances
which will result in compliance with all
applicable laws and regulations in that
country or jurisdiction. No action has been
or will be taken by Meridian which would
permit an offer of Bonds to the public, or
possession or distribution of any offering
material, in any country or jurisdiction
where action for that purpose is required
(other than New Zealand).
By purchasing the Bonds, each Holder
is deemed to have indemnified Meridian
in respect of any loss, cost, liability or
expense sustained or incurred by Meridian
as a result of the breach by the Holder of
the selling restrictions contained in the
above paragraph.

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PG 1

Notice pursuant to clause 20(1)(a) of schedule 8 of the Financial
Markets Conduct Regulations 2014

6 March 2017
Meridian Energy Limited ("
Meridian
") gives notice under clause 20(1)(a) of schedule 8 of the Financial Markets
Conduct Regulations 2014 ("
Regulations
") that it proposes to make an offer for the issue of fixed rate bonds due 20
March 2024 ("
New Bonds
") in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct
Act 2013 ("
FMCA
").
The main terms of the offer and the New Bonds are set out in the attached Terms Sheet. Except for the interest rate and
maturity date, the New Bonds will have identical rights, privileges, limitations and conditions as Meridian's fixed rate
bonds maturing on 16 March 2017 which are quoted on the NZX Debt Market under the ticker code MEL020 and
Meridian’s fixed rate bonds maturing on 14 March 2023 which are quoted on the NZX Debt Market under the ticker
code MEL030 (together the “
Existing Bonds
”) and therefore are of the same class as the Existing Bonds for the
purposes of the FMCA and the Regulations. The Existing Bonds have been continuously quoted on the NZX Debt
Market over the preceding 3 months.
As at the date of this notice, Meridian is in compliance with:
(a) the continuous disclosure obligations that apply to it in relation to the Existing Bonds; and
(b) its financial reporting obligations (as defined in the Regulations).
As at the date of this notice, there is no excluded information required to be disclosed for the purposes of the
Regulations.
As at the date of this notice, there is no other information that would be required to be disclosed under a continuous
disclosure obligation or which would be excluded information required to be disclosed for the purposes of the
Regulations if the Existing Bonds had had the same redemption date or interest rate as the New Bonds being offered.
ENDS

Mark Binns
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philippa Norman
External Communications
021 707 854