Infratil Infrastructure Bond Offer Opens

Infratil Infrastructure Bond Offer Opens

Infratil Limited (Infratil) announced today that it has opened an offer of 7½ year unsecured, unsubordinated, fixed rate bonds (2031 Bonds) to New Zealand investors. The bonds will mature on 15 March 2031.

The offer comprises two separate parts:

• A firm offer of up to $50,000,000 of 2031 Bonds (with the ability to accept oversubscriptions of up to

$25,000,000 at Infratil’s absolute discretion), which will be available to New Zealand clients of the Joint Lead Managers, approved financial intermediaries and other primary market participants invited to participate in the bookbuild process (Firm Offer). The Firm Offer is now open and will close on 1 September 2023.

• An exchange offer of up to $122,103,683 of 2031 Bonds under which all New Zealand resident holders of the IFT210 bonds maturing on 15 September 2023 (2023 Bonds) will have the opportunity to exchange some or all of their maturing 2023 Bonds for 2031 Bonds (Exchange Offer). The Exchange Offer will open following the closing of the Firm Offer on 4 September 2023 and close on 13 September 2023. All eligible holders of the 2023 Bonds who submit valid applications will have their applications satisfied in full up to a maximum of the number of 2023 Bonds they hold. There is no ability to apply for additional 2031 Bonds under the Exchange Offer.

The timing of the Exchange Offer is designed to ensure eligible holders of the 2023 Bonds can have certainty on the interest rate applicable to the 2031 Bonds when they elect whether to participate in the Exchange Offer. Eligible applicants can be certain that their application will be satisfied in full up to the amount of their existing investment.

Interest Rate

The Interest Rate for the 2031 Bonds will be the greater of:

a) the Minimum Interest Rate of 7.05% per annum, and

b) the sum of the Issue Margin and the Base Rate determined on the Rate Set Date (1 September 2023).

The indicative Issue Margin range for the 2031 Bonds is 2.40% to 2.55% per annum. The Issue Margin will be set following a bookbuild process on 1 September 2023 and will be announced by Infratil via NZX shortly thereafter, together with the Interest Rate. In any case the Interest Rate will not be less than the Minimum Interest Rate of 7.05% per annum.

Full details of the offer, including on the how the Interest Rate for the 2031 Bonds will be calculated, is set out in the Indicative Terms Sheet attached.

The offer is being made as an offer of debt securities of the same class as existing quoted debt securities pursuant to the Financial Markets Conduct Act 2013. The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX. The 2031 Bonds are expected to be quoted on the NZX Debt Market under the ticker code IFT340.

Further information is available on or by contacting a Joint Lead Manager or your usual financial adviser.

Arranger and Joint Lead Manager:

Bank of New Zealand

Joint Lead Managers:

ANZ Bank New Zealand Limited

Craigs Investment Partners Limited

Forsyth Barr Limited Jarden Securities Limited

Tom Robertson

Treasury and Risk Manager, Infratil

Phone: +64 4 550 5432