Investors

Infratil Bonds

All Infratil 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 will tend to fluctuate over time.

Direct broking has bids/offers and the last price of listed bonds, including all those issued by Infratil.

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 an explanation of why the PiiB are such a poorly performing security, why Infratil is limited in its ability to “bailout” PiiB-holders and what may happen in future to their yield and value.

Perpetual Infratil Infrastructure Bonds (PiiBs) July 2016 (PDF)

Key features of PiiB include:

• PiiB are perpetual, like a share rather than a fixed-maturity bond. Infratil is only obliged to repay them in certain exceptional situations, for instance if Infratil is taken over or is required by its loan covenants to repay all of its debt
• PiiBs are traded on the NZDX market.
• The PiiB interest coupon is set each 15 November at 1.5% over the one year bank base rate as at that day. Interest is paid quarterly
• Since their issuance, the PiiB annual coupon rates have been, respectively

• The average rate over the ten years is 5.84%p.a.