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Auckland International Airport Limited Bond Issue

30 July 2004

Auckland International Airport Limited bond issue, "positive response"

Auckland International Airport Limited (AIAL) has announced that it has issued $200 million worth of retail bonds in four maturities. In addition, the company has also switched $46.7 million of existing bonds, which were previously issued only to wholesale investors, to new retail bonds.

The airport company previously announced that it was seeking to issue $170.0 million of bonds with the option to accept up to $30.0 million of over-subscriptions in the 2011 maturity.

AIAL's chief executive officer, Don Huse says, "the issue has been priced tightly, reflecting the keen demand created by offering to both groups of investors and the company's strong S&P credit rating of A+."

The issue has been rated by Standard & Poor's as A+. The lead manager was the Bank of New Zealand, with organising broker First New Zealand Capital. The bonds are listed on the NZDX.

In addition, AIAL also announces that, a meeting of existing bondholders earlier this week approved changes to the current negative pledge deed by removing a gearing covenant and increasing an interest cover ratio covenant from 150% to 200%. Of existing eligible bondholders, 59.1% (by value) cast votes, with 91.1% voting in favour of the change.

Don Huse comments, "we have been pleased with the positive interest shown by both institutional and retail investors to this bond issue. AIAL's funding programme can now be said to better match the interests of both the company and the New Zealand debt market.

"The strong interest confirms the merit for the company in widening its funding base." ends

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