Infratil Infrastructure Bonds

The terms sheets applicable to Infratil’s bonds are available below.

All Infratil Infrastructure Bonds are listed on the NZDX. Most trade regularly, but because many investors hold to maturity at times trading can be thin and prices volatile, even though several banks and brokers trade the Bonds.
Infratil’s Annual Report contains a section which deals with Infratil’s Bonds, including a summary of the relevant year’s secondary market activity 

With regards to the key coupon and maturity features, the Bonds fall into three distinct categories:

1. Fixed Maturity and Fixed Coupon. Most of the Bonds have a specified maturity date and a fixed quarterly coupon.
2. Fixed Maturity and Floating Coupon. The Bond maturing December 2029 will have its coupon rate reset each 15th December from 2020 to provide a one year return of 2.5%pa. over the one year Bank Rate * as at that day. The Bond maturing December 2028 will have its coupon rate reset once on 15 December 2023 to provide a return of 2.5%pa. over the then five year Bank Rate *
3. No Maturity and Floating Coupon. One Bond is a perpetual security meaning that it has no maturity date. Each 15th November its coupon rate is rest to provide a one year return of 1.5%pa. over the one year Bank Rate * as at that day. The special features of this bond are set out in a report copied below.

* The Bank Rate is the average of the interbank interest rate swap rates quoted that day for quarterly interest rate swaps of the relevant term.

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%

IFT260 15 Dec 2024
Offer Opened

01 Oct 2018

Offer Closed

31 Oct 2018

Bond Maturity

15 Dec 2024

Face Value on Issue

$100,000,000

Coupon (all payable quarterly)

4.75%

IFT270 15 Dec 2028
Offer Opened

01 Oct 2018

Offer Closed

31 Oct 2018

Bond Maturity

15 Dec 2028

Face Value on Issue

$146,249,000

Coupon (all payable quarterly)

4.85% rate reset after 5 years

IFT280 15 Dec 2026
Offer Opened

20 Aug 2019

Offer Closed

20 Sep 2019

Bond Maturity

15 Dec 2026

Face Value on Issue

$156,279,000

Coupon (all payable quarterly)

3.35%

IFT300 15 March 2026
Offer Opened

22 Oct 2019

Offer Closed

13 Feb 2020

Bond Maturity

15 Mar 2026

Face Value on Issue

$36,975,800

Coupon (all payable quarterly)

3.35%

IFTHC 15 December 2029
Offer Opened

20 Aug 2019

Offer Closed

13 Nov 2019

Bond Maturity

15 Dec 2029

Face Value on Issue

$123,186,000

Coupon (all payable quarterly)

3.50% until 15 Dec 2020 rate reset on 15 December 2020 and annually thereafter

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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