AIA
25/07/2014 09:40
GENERAL
REL: 0940 HRS Auckland International Airport Limited
GENERAL: AIA: Auckland Airport successfully prices its 2nd USPP issue
Market Release l 25 July 2014
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
For further information please contact:
Simon Robertson
+64 9 255 9174
[email protected]
Philip Neutze
+64 9 255 9040
[email protected]
End CA:00253086 For:AIA Type:GENERAL Time:2014-07-25 09:40:52
