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


Ports of Auckland Ltd. Completes Debt Restructure

Friday 23 December 2005

Ports of Auckland Limited Completes Debt Restructure

Ports of Auckland confirmed today that it has completed the restructure of its debt facilities.

Chief Executive Geoff Vazey said: “Over time we will be investing in plant and major infrastructure developments to ensure the Company maintains world class standards of customer service.”

“Our debt level in the past has been very conservative and this package places Ports of Auckland at a typical industry level of debt. It is designed to match the funding requirements of the business and ensure an appropriate capital structure for the long term.

On completion of the new facilities a special dividend of $120 million has been paid to Auckland Regional Holdings which own 100% of Ports of Auckland Limited.
As anticipated Standard & Poor’s has removed Ports of Auckland from creditwatch negative and issued a rating of BBB stable.


Media Release

23 December 2005


Auckland Regional Holdings (ARH) fully supports Ports of Auckland Limited’s (POAL) recent review of its capital structure to assist its anticipated business growth over the next five to ten years. POAL is fully committed to on going investment in plant and port development to ensure it maintains world-class standards of customer service. POAL has moved to an appropriate long-term capital structure that will also pay ARH, the 100% shareholder, a special dividend of $120 million.

Judith Bassett, Chair of ARH said: “Of ARH’s $1 billion commitment to the ARC, over $600 million will be available over the next four years. This special dividend will assist ARH with its current commitments to the ARC.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>