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Infratil planning five year capital notes issue

Infratil planning five year capital notes issue

Nov. 16 (BusinessDesk) – Infratil Ltd., the NZX-listed infrastructure investor, is considering an issue of capital notes as it approaches a $112 million bond redemption in May 2011.

In a presentation to investors, Infratil chief executive Marko Bogoievski said the likely maturity date on the proposed issue was June 2016, with a likely coupon range of 8% to 8.5%.

There will be both “new money” and rollover components, and at this stage, Infratil is testing market appetite. Currently, Infratil and subsidiaries have total credit lines of $673 million, of which $265 million was drawn at Sept. 30, with borrowing facilities increasing by $41 million over the six months to that date.

Subsidiaries Greenstone Energy and TrustPower raised $147 million and $75 million respectively from bond issues during the half year. Of $747 million in bonds Infratil currently has on issue, $472 million is maturing at five to 10 years.

(BusinessDesk) 14:18:01

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