Bond Offer - Firm Offer Closed & Interest Rate Set
Infratil Limited (Infratil) today announced that following the successful bookbuild process of its issue of 8 year unsecured, unsubordinated, re-setting fixed rate infrastructure bonds maturing on 15 June 2030 (2030 Bonds), it has allocated NZ$65,000,000 of Bonds (including $15,000,000 of oversubscriptions) through the Firm Offer process. The Firm Offer has now closed.
The Issue Margin for the 2030 Bonds has been set at 2.00% per annum.
Additional 2030 Bonds will be offered to existing holders of the IFT190 bonds maturing on 15 June 2022 via an Exchange Offer opening on 3 June 2022.
The interest rate for the first four years until the Rate Reset Date (15 June 2026) has been set at 5.93% per annum. This is equal to the sum of the Issue Margin of 2.00% per annum and the 4-year swap rate on the Rate Set Date of 3.93% per annum.
The Reset Interest Rate for the second four years will be determined as the Issue Margin plus the 4-year swap rate on the Rate Reset Date (15 June 2026).
The Bonds under the Firm Issue will be issued on 15 June 2022. The Bonds will be quoted on the NZX Debt Market under the ticker code IFT320.
Details of the offer are contained in the Final Terms Sheet which is attached.
Arranger and Joint Lead Manager:
Bank of New Zealand
Joint Lead Managers:
ANZ Bank New Zealand Limited
Forsyth Barr Limited
Hobson Wealth Partners Limited
Jarden Securities Limited
Treasury and Risk Manager, Infratil
Phone: +64 4 550 5432