Council Approves Underwrite To Support Airport Company
Today Wellington City Council considered a proposal from Wellington International Airport Limited (WIAL) to, alongside the other shareholder Infratil, provide shareholder support to the airport as it deals with the impacts of Covid-19.
The support would be through an underwrite of a convertible equity type arrangement that would ensure that funding was able to be quickly accessed by the airport if needed and provides comfort to the airport and its lenders that the shareholders are there and supporting the company if necessary.
The funding would enable WIAL to conclude discussions with its lenders around securing its ongoing funding facilities and to enable it to meet all of its obligations going forward.
The Council voted to support the proposal and the details will now be worked up with the company and Infratil to finalise the arrangements.