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Wellington International Airport $100 million Bond offer

28 Nov 2008


WIAL announces its intention to offer up to $100 million Unsecured Unsubordinated Fixed Rate Bonds

Wellington International Airport Limited ("WIAL") announced today that it is considering making an offer of up to $50 million unsecured unsubordinated five year, fixed rate bonds ("Bonds") with the ability to accept applications for up to a further $50 million of Bonds as oversubscriptions (the "Offer").

The proceeds from the Bonds will be used to retire some existing debt, and any additional proceeds will be used for the general operations of WIAL, including capital expenditure and growth opportunities that may arise.

The Bonds will mature on 15 November 2013. However, WIAL has the option to redeem the Bonds early at the higher of par plus accrued interest or market.

WIAL reserves the right to allocate up to $50 million Bonds by way of firm allocation to clients of NZX Firms, institutions and other approved intermediaries. Bonds not taken up under firm allocations will be available

The initial interest rate payable on the Bonds will be set following the opening of the Offer. WIAL may, at any time, without prior notice, change the Interest Rate it offers in respect of Bonds that have not been issued.

Interest is payable semi-annually in arrears up to and including the Maturity Date.

Full details of the Bonds and the terms of the Offer will be set out in the Prospectus and Investment Statement in respect of the Offer that is expected to be registered in early December 2008. No money is currently being sought and no applications for the Bonds will be accepted or money received unless the subscriber has received an Investment Statement for the Offer.

ANZ National Bank Limited and First NZ Securities Limited have been appointed Joint Lead Managers to the Offer.

Application has been made to NZX Limited (NZX) for permission to list the Bonds on the NZDX and all the requirements of NZX relating thereto that can be complied with on or before the date of distribution of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement.

For further information contact:
Mike Basher
Wellington International Airport Limited
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