Investors

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.

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)