Infratil Bond Offer Opens

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.

The managers of the offer

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

ANZ Bank New Zealand Limited

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 www.forsythbarr.co.nz

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)

Trustpower Wellington Airport Infratil Property NZ Bus Snapper Australian Social Infrastructure Partners Canberra Data Centres RetireAustralia Perth Energy Tilt Renewables