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

 


Auckland Airport successfully prices its 2nd USPP issue

Auckland Airport successfully prices its 2nd USPP issue


Auckland Airport today priced a USD 250 million loan transaction in the United States Private Placement market. The USPP funding is the company’s third and final debt capital markets transaction undertaken this year to refinance the NZD 454 million capital return paid to shareholders on 14 April. The proceeds will repay the company’s remaining NZD 130 million bridge loan borrowings in relation to the capital return and a NZD 125 million fixed rate bond maturity on 27 November.

The new USPP funding is a single 12 year tranche of USD 250 million with a USD coupon of 3.61% and will be drawn on 25 November 2014.

The entire USD proceeds have been swapped back to New Zealand dollars, providing 12 year funding at the New Zealand three month bank bill rate plus 1.255%.

Auckland Airport’s chief financial officer, Simon Robertson, said, “This is an outstanding transaction for Auckland Airport. We are thrilled with the pricing and volume achieved, which validates our decision in 2010 to diversify our borrowing sources and seek long term funding via the USPP market. Notably, this transaction has achieved the lowest borrowing margin versus United States Treasuries for a New Zealand company in the USPP market in the last decade.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news