TEXT-NZ's Vector says planning NZ$150 mln bond offer

(The following statement was released by the company)

WELLINGTON, May 1 - Vector Limited today announced it is seeking to raise $150m through a retail bond offer.

The offer will open on 4 May 2009 and will close on 27 May 2009. The bonds offer investors a minimum interest rate of 7.5% per annum, with interest paid semi-annually.

The minimum investment in the issue is $5,000, with multiples of $1,000 thereafter.

The unsecured, unsubordinated, fixed rate bonds will mature on 15 October 2014 and have been assigned a credit rating of BBB+ by Standard & Poor's.

Vector intends to use the proceeds for general corporate purposes.

Application has been made to NZX Limited ('NZX') for permission to list the bonds and all the requirements of NZX relating thereto that can be complied with on or before the distribution of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement.

Investors wanting to obtain an Investment Statement for this offer can contact any of the Joint Lead Managers: - Goldman Sachs JBWere (NZ) Limited (Arranger and Organising Participant) - ABN AMRO Craigs Limited - ANZ, part of ANZ National Bank Limited - BNZ Capital (A division of Bank of New Zealand) or any NZX firm or other financial advisor. Applications must be made on the Application Form included in the Investment Statement.