Infratil Infrastructure Bonds

All Infratil Infrastructure Bonds are listed on the NZX and most trade on a regular basis. Most investors however hold to maturity so trading is much less than for Infratil’s shares. The secondary market price tends to reflect the number of buyers and sellers and fluctuates over time.

ANZ Securities has bids/offers and the last price of listed bonds, including all those issued by Infratil. Several other banks and brokers trade the Infratil Infrastructure Bonds.  Infratil has ten bonds on issue $851 million  of these have dated maturities ranging from November 2018 to June 2025. $232 milion of the bonds are perpetual and consequently have no maturity dates.

IFT090 15 Feb 2020
Offer Opened

20 Dec 2005

Offer Closed

02 Jun 2006

Bond Maturity

15 Feb 2020

Face Value on Issue

$80,497,600

Coupon (all payable quarterly)

8.5% per annum

IFT180 15 Nov 2018
Offer Opened

17 Oct 2012

Offer Closed

03 Dec 2012

Bond Maturity

15 Nov 2018

Face Value on Issue

$111,417,500

Coupon (all payable quarterly)

6.85% per annum

IFT200 15 Nov 2019
Offer Opened

23 Dec 2013

Offer Closed

28 Feb 2014

Bond Maturity

15 Nov 2019

Face Value on Issue

$68,500,000

Coupon (all payable quarterly)

6.75% per annum

IFT190 15 Jun 2022
Offer Opened

29 Apr 2013

Offer Closed

28 Jun 2013

Bond Maturity

15 Jun 2022

Face Value on Issue

$93,696,000

Coupon (all payable quarterly)

6.85% per annum

IFT210 15 Sep 2023
Offer Opened

01 Oct 2015

Offer Closed

15 Nov 2015

Bond Maturity

15 Sep 2023

Face Value on Issue

$122,103,683

Coupon (all payable quarterly)

5.25%

IFT220 15 Jun 2021
Offer Opened

20 May 2016

Offer Closed

10 Jun 2016

Bond Maturity

15 Jun 2021

Face Value on Issue

$93,883,000

Coupon (all payable quarterly)

4.90%

IFT230 15 Jun 2024
Offer Opened

20 May 2016

Offer Closed

10 Jun 2016

Bond Maturity

15 Jun 2024

Face Value on Issue

$56,117,000

Coupon (all payable quarterly)

5.50%

IFT240 15 Dec 2022
Offer Opened

18 May 2017

Offer Closed

12 Jun 2017

Bond Maturity

15 Dec 2022

Face Value on Issue

$100,000,000

Coupon (all payable quarterly)

5.65% per annum

IFT250 15 Jun 2025
Offer Opened

18 May 2017

Offer Closed

23 Jun 2017

Bond Maturity

15 Jun 2025

Face Value on Issue

$43,413,442

Coupon (all payable quarterly)

6.15%

IFTHA Perpetual
Offer Opened

17 Nov 2006

Offer Closed

30 Apr 2007

Bond Maturity

Face Value on Issue

$231,900,000

Coupon (all payable quarterly)

The coupon rate is reset every 15 November at 1.5% over the then one year Bank Base Rate

Infrastructure Bonds Trust Deed

Infratil Infrastructure Bonds Amendment and Restatement Trust Deed effective from 11 September 2015

Infratil Trust Deed Amendments

Infratil Infrastructure Bonds Trust Deed 11 November 1999
Infratil Infrastructure Bonds Trust Deed Amendment dated 14 August 2003
Infratil Infrastructure Bonds Second Amending Trust Deed 15 November 2006
Infratil Infrastructure Bonds Third Amending Trust Deed 27 September 2012
Infratil Infrastructure Bonds Trust Deed 17 May 2017

The Trustee is Trustees Executors Limited, Level 5, 10 Customhouse Quay, Wellington.
Telephone : 04 495 0999

The terms of Infratil’s Bonds are set out in their individual prospectus and trust deeds (and summarised in the relevant Investment Statement). Each six months Infratil provides the Trustee with a certificate signed by directors confirming its position relative to the Bond covenants and with regards to general compliance with Bond terms. Infratil has always recorded conformity. Bondholders are welcome to contact the Trustee to confirm Infratil’s compliance.

Perpetual Infratil Infrastructure Bonds PiiB

Outlined below is a detailed explanation of the PiiB. These are an unusual debt instrument as the coupon rate is reset each year and there is no maturity date. The explanation covers the history of the PiiBs and factors investors should consider when buying or selling them.

Perpetual Infratil Infrastructure Bonds March 2018 (PDF)

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