Infratil Infrastructure Bonds

Infratil has eleven Infrastructure Bonds on issue. The terms sheets of each are available below. Key features of the bonds are:

  • 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 has eleven Infrastructure Bonds on issue. $904,459,105 of these have dated maturities ranging from November 2019 to December 2028. $231,900,000 of the Bonds are perpetual (ie. have no maturity date). An explanation of the Perpetual Bonds is set out below.
  • All of the Bonds have terms that allows Infratil the right (in most circumstances) to redeem early, although on terms intended to ensure that bondholders are not penalised. With two of the Bonds, Infratil has the right to meet its repayment obligations by issuing shares or by paying cash (rather than only by paying cash). These are the Bonds that mature February 2020 and the Perpetual Bonds. Again, this right is structured with the aim of ensuring that the bondholders would not be disadvantaged relative to receiving cash.
  • All the Bonds pay quarterly coupons. Two of the Bonds have coupons that are re-set. The Perpetual Bonds have their coupon re-set every 15th November to yield 1.5% over the then one year bank rate (known as the Swap Rate). The coupon now is 3.55%pa. (and will be re-set 15 November 2019). The Bonds which mature in December 2028 will have their coupon re-set only once, being on 15 December 2023 to yield 2.5% over the then five year Swap Rate.
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

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%

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

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