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Infratil Infrastructure Bond Programme

26 Jan 2011

Infratil has opened an offer of Infrastructure Bonds maturing in June 2017 with a fixed interest rate of 8.5% per annum.

The new offer is being opened in conjunction with Infratil closing the offer of June 2016 Infrastructure Bonds which has raised approximately $100 million. Rather than continue to issue 2016 Infrastructure Bonds and accumulate a larger repayment obligation on the one date, it was decided to close that maturity early and open the new bond offer with a year longer maturity.

The intention of the 2016 offer was to provide general funding for Infratil and to roll-over the Infrastructure Bonds maturing in May 2011 which were issued in 2006.  The intentions with the new offer are the same.

Holders of approximately 25% of the May 2011 bond have already accepted the invitation to roll-over their investment by exchanging those bonds for the 2016 Infrastructure Bonds. The remaining holders of May 2011 Infrastructure Bonds will now be offered the opportunity to roll-over their investment by exchanging into the new 2017 bonds. May 2011 Infrastructure Bonds which are not exchanged will have their redemption occur as per the terms of those bonds.
The 2016 Infrastructure Bonds have been issued approximately 25% as roll-overs and 75% as new investments.

The 2017 Infrastructure Bonds are unsecured, unsubordinated convertible debt securities offered by Infratil on the terms and conditions set out in the simplified disclosure prospectus dated 21 January 2011, which can be viewed online or downloaded from For Investors/Bond Issue.
Forsyth Barr, ANZ, First NZ Capital and Westpac are the managers of the new offer.
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