Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news