4.00pm
Auckland International Airport (AIA) said today it planned to issue bonds to refinance $170 million of debt.
The bonds will mature between 2006 and 2011. The offer will open on July 12 and close on July 26.
AIA chief executive officer, Don Huse, said in a statement the bond offer was primarily
for the refinancing of existing debt, but funds raised would also be used for the airport's capital projects and general company funding.
Mr Huse said the bonds would be offered in three forms, with differing interest rates and minimums to purchase, with two targeted at institutional investors and one at retail investors.
Bank of New Zealand has been appointed lead manager for the issue. First NZ Capital will act as organising participant and co-lead manager, while ABN Amro Craigs and Forsyth Barr are also co-managers.
AIA said investment statements will be available from NZX participants and the interest rates will be determined and announced on the opening date.
AIA will offer holders of its existing bonds the opportunity to exchange them for new retail bonds of the same maturity
The company's shares were down 5c in mid-afternoon trading at $6.76, having traded between $5.65 and $7.10 over the past 12 months.
- NZPA
