Friday 21st September 2018
|Text too small?|
Auckland International Airport plans to sell up to $175 million of six-year fixed-rate bonds to institutional and retail investors as it seeks to help fund its biggest ever infrastructure spending programme.
The new offer, which is expected to open Monday, is for $125 million, with up to another $50 million available through oversubscriptions, the company said in an investor presentation. The offer is set to close at 2pm on Wednesday.
The bonds, which mature in October 2024, will pay interest on April 10 and October 10 each year. They are expected to be assigned a long-term credit rating of A- by Standard and Poor's, the nation’s busiest gateway said.
The indicative issue margin is expected to be announced via the NZX on Monday. The joint lead managers are ANZ Bank New Zealand and Westpac Banking Corp.
The company reiterated its guidance for an underlying profit of between $265 million and $275 million in the current fiscal year, while it expects capital expenditure of between $450 million and $550 million.
Auckland Airport said it expects "moderate underlying profit growth ... as we enter the second year of international aeronautical price reductions in the new FY18-22 pricing period and infrastructure investment continues at pace."
The shares fell 0.6 percent to $7.16.
No comments yet
NZ dollar falls against Aussie after strong Oz jobs data
Helen Clark, Don McKinnon front NZ chapter of US think-tank
Fuji Xerox auditor keeps name suppression due to reserved appeal decision
ComCom to eye fuel profits by region, activity
TIL Logistics director Kern steps down and sells out
Turners drops Buy Right Cars moniker in single brand strategy
Mercury, Genesis signal weaker earnings on low lakes, gas shortage
Wrightson gets OIO approval to sell seeds unit, still mulling size of return
Fletcher unit blows whistle on attempted price-fixing in Christchurch
Tourism Holdings falls 24% on open after lowering guidance