Infratil Infrastructure Bonds 4.75% p.a. due 15 December 2024 and 4.85% p.a. (with a reset after 5 years) due 15 December 2028
1 October 2018
Infratil announces that the offer of the above Series of unsecured unsubordinated Infrastructure Bonds is now open.
Infratil is offering up to $125 million of Infrastructure Bonds in aggregate across both the General and Exchange Offers (as described below) and across both Series (with the option to accept up to $125 million of oversubscriptions in aggregate at Infratil's discretion).
The offer will be made as an offer of debt securities of the same class as existing quoted debt securities pursuant to the Financial Markets Conduct Act 2013. The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX.
The key terms of the offer are contained in the Terms Sheet, a copy of which is attached.
Details on how to apply for the Infrastructure Bonds are set out in the Terms Sheet. The offer is now open, with the Exchange and General Offers closing on 26 October 2018. In both instances Infratil may elect to close the offer earlier.
Interested investors, including holders of existing Infratil bonds that mature 15 November 2018, should contact their broker or one of the managers of the offer (outlined below) for more details.
ANZ Bank New Zealand Limited 0800 269 476
Bank of New Zealand 0800 284 017
Deutsche Craigs Limited 0800 226 263
First NZ Capital Securities Limited 0800 005 678 www.firstnzcapital.co.nz
Forsyth Barr Limited 0800 367 227 www.forsythbarr.co.nz
Application has been made to NZX for permission to quote the Infrastructure Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement. NZX is a licensed market operator, and the NZX Debt Market is a licensed market, each regulated under the Financial Markets Conduct Act 2013.
Interested investors, including holders of existing Infratil bonds that mature 15 November 2018, should contact their broker or one of the managers of the offer for more details
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.
20 Dec 2005
02 Jun 2006
15 Feb 2020Face Value on Issue
$80,497,600Coupon (all payable quarterly)
8.5% per annum
17 Oct 2012
03 Dec 2012
15 Nov 2018Face Value on Issue
$111,417,500Coupon (all payable quarterly)
6.85% per annum
23 Dec 2013
28 Feb 2014
15 Nov 2019Face Value on Issue
$68,500,000Coupon (all payable quarterly)
6.75% per annum
29 Apr 2013
28 Jun 2013
15 Jun 2022Face Value on Issue
$93,696,000Coupon (all payable quarterly)
6.85% per annum
01 Oct 2015
15 Nov 2015
15 Sep 2023Face Value on Issue
$122,103,683Coupon (all payable quarterly)
20 May 2016
10 Jun 2016
15 Jun 2021Face Value on Issue
$93,883,000Coupon (all payable quarterly)
20 May 2016
10 Jun 2016
15 Jun 2024Face Value on Issue
$56,117,000Coupon (all payable quarterly)
18 May 2017
12 Jun 2017
15 Dec 2022Face Value on Issue
$100,000,000Coupon (all payable quarterly)
5.65% per annum
18 May 2017
23 Jun 2017
15 Jun 2025Face Value on Issue
$43,413,442Coupon (all payable quarterly)
17 Nov 2006
30 Apr 2007
$231,900,000Coupon (all payable quarterly)
The coupon rate is reset every 15 November at 1.5% over the then one year Bank Base Rate
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.
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.
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