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

 

Auckland International Airport Bond Issue

Auckland International Airport Limited (AIAL) is planning to make an offer of up to $150 million of seven and ten year fixed rate bonds (“Bonds”) to the public for which only New Zealand wholesale investors and NZX participants will be eligible to apply.

Bank of New Zealand has been appointed as Lead Manager. First NZ Capital has been appointed Organising Participant and a Co-Lead Manager.

The Bonds that AIAL proposes to offer will pay interest semi-annually, with a choice of seven and ten year terms to maturity.

The Bonds will be unsecured, unsubordinated debt obligations, issued under a master trust deed, registered prospectus and investment statement.

It is intended that the prospectus will be registered on 26 October 2005 and that the offer will be open from 31 October to 1 November 2005. The intended issue date is 7 November 2005.

The interest rates payable on each tranche of Bonds will be set at the sum of a set margin and the relevant swap rate and is anticipated to be set on 3 November 2005. AIAL, in conjunction with Bank of New Zealand as Lead Manager, expects to set the margins on the offer opening date by way of NZX announcement.

There will be no public pool and members of the public (including AIAL retail investors) who wish to purchase Bonds will need to register their interest and make arrangements with NZX participants to purchase Bonds from them. Wholesale investors and NZX participants will be required to subscribe for Bonds in their own name in a minimum amount of $100,000.

AIAL has applied to Standard & Poor’s to have the Bonds rated. AIAL’s current long term credit rating from Standard & Poor’s is “A”, with a “Stable” outlook.

Application will be made to NZX for permission to list the Bonds on the NZDX. However, NZX accepts no responsibility for any reference to listing in this statement.

AIAL is seeking preliminary indications of interest for the Bonds. Indications of interest from wholesale investors should be directed to Bank of New Zealand. Indications of interest from NZX participants should be directed to First NZ Capital. Contact details for Bank of New Zealand and First NZ Capital are given below.

No indication of interest will create an obligation or commitment of any kind. No money is currently being sought and no applications for Bonds will be accepted or money received unless the subscriber has received an investment statement.

AIAL will use the proceeds of the intended offer to refinance a portion of the bridge facility arranged with respect to the recent special distribution to shareholders.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>