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Wellington International Airport launches retail bond offer

3 Aug 2020

Wellington International Airport Limited (WIA) announced today that it is offering up to NZ$75,000,000 (with the ability to accept oversubscriptions of up to an additional NZ$25,000,000 at WIA’s discretion) of 6 year unsecured, unsubordinated, fixed rate bonds (Bonds) to New Zealand institutional and retail investors.

The Bonds will mature on 14 August 2026. The Interest Rate for the Bonds will be fixed for six years.

The Interest Rate will be the sum of the Issue Margin plus the Base Rate on the Rate Set Date, but will be no less than the minimum Interest Rate of 2.50% per annum. The actual Issue Margin may be above or below the indicative Issue Margin range. It will be set following a bookbuild process on 7 August 2020 (or earlier at WIA’s sole discretion), and will be announced by WIA via NZX shortly thereafter, together with the Interest Rate.

The indicative Issue Margin range for the Bonds is 2.20% to 2.45% per annum.

WIA has applied for the Bonds to be quoted on the NZX Debt Market. WIA has a long-term issuer credit rating of BBB (negative outlook) by S&P Global Ratings.
The offer will close on 7 August 2020 (or earlier at WIA’s sole discretion) following the bookbuild process, with the Bonds expected to be issued on 14 August 2020.

There is no public pool for the Bonds, which will be reserved for clients of the Joint Lead Managers, institutional investors and other primary market participants invited to participate in the book-build.

Unless the context requires otherwise, capitalised terms used in this announcement have the meaning given to them in the indicative Terms Sheet.

Full details of the Bond offer are contained in the indicative Terms Sheet attached.

Joint Lead Managers:

ANZ 0800 269 476
Forsyth Barr 0800 367 227


For further information:

Martin Harrington
Chief Financial Officer, Wellington International Airport
Email: mharrington@wellingtonairport.co.nz


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