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Wellington airport to refinance up to $75mln of bonds at 6.25 percent

Thursday 10th October 2013

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Wellington International Airport is to reduce its bond holdings, seeking to refinance up to $75 million of retail bonds at 6.25 percent to replace $100 million of 7.25 percent bonds maturing next month.

Infratil-controlled WIAL, which is also 33 percent owned by the Wellington City Council, is seeking $50 million, but says it will take oversubscriptions up to $75 million for the "direct, unsecured, unsubordinated, fixed rate debt obligations of WIAL."

The company has another $150 million of bonds on its books, maturing in August 2017 and reflecting historic low interest rates, being serviced at 2.89 percent interest with a recalculation clause applying from last year's anniversary.

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