Auckland Airport’s North Queensland Airport Group refinances A$587M of debt facilities

Friday 20th December 2013

North Queensland Airport Group, which is a quarter owned by Auckland International Airport, has refinanced A$587 million of maturing bank facilities, including A$88 million for future capital expenditure needs.

North Queensland Airport, which owns and operates Cairns and Mackay Airports, has refinanced its existing three and five year facilities, the Cairns-based group said in a statement.

"Auckland Airport welcomes the refinancing of maturing debt, which provides the North Queensland Airport Group with the certainty it needs to progress its capital expenditure programme and invest for future growth," chief financial officer Simon Robertson said in a statement.

The debt facilities were supported by the group's existing banks, Westpac Banking Corp, Commonwealth Bank of Australia, National Australia Bank, and ANZ and includes ING as a new lender.

Auckland Airport's shares rose 1.1 percent to $3.60 yesterday, and have gained 35 percent this year, beating the 12 percent gain in the NZX All Index, a capital measure of the domestic equities, over the same period.

BusinessDesk.co.nz

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