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Infratil Monthly Operational Report

7 Feb 2011

Infratil Monthly Operational Report January is available here.

Infratil's businesses are maintaining their operational and earnings momentum with a lack of surprises. This does not mean life has been dull or even quiet, especially as a number of important developments are occurring in the markets in which Infratil operates. These developments may not have an immediate impact on operations, but will be important down the track.

When final processing of applications for the 2016 bonds closes it seems likely that approximately $75 million of bonds will have been issued to new investors and $25 million will have been reinvested from the maturing May 2011 Infrastructure Bonds. To date almost 700 of the approximately 2,500 holders of the May 2011 bonds have taken up the offer to reinvest.

This was Infratil's first bond issue since 2006 and the GFC. It is clear that while the local capital markets remain tentative, investors have a good track record in corporate bonds over a long period and remain supportive. The majority of Infratil's debt is sourced as bonds as this provides a certain annual cost and spreads debt maturities over many years meaning there is less pressure to refinance in any one period.

Another local development for Infratil was the payment in December of its interim dividend. This is the second dividend Infratil has paid since introducing a dividend reinvestment plan and on this occasion approximately 25% of shareholders chose to take their dividends as shares rather than cash, up from 21% in June. 1.2 million shares were issued at a price of $1.90. These shares had previously been acquired on market at an average price of $1.73. 3.8 million shares are still held by Infratil as treasury stock.

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