AIA- Bond issue

[wsheridan]

Anyone out there know what sort of maturity and interest rate AIA is looking at?

Seems like a very good time to move quickly to refinance some medium term debt


http://stockwatch.nzherald.co.nz/announcementdetail.asp?GMC=100&ArticleId=102306

[Mr_p_yu]

I say leave AIA hanging out to dry!

[wsheridan]

quote:Originally posted by Mr_p_yu

I say leave AIA hanging out to dry!


Thank you for your usual informed comment. :([:p]

[Morpheus]

AIA
06/07/2004
GENERAL

REL: 1436 HRS Auckland International Airport Limited

GENERAL: AIA: AIAL Bond Issue Underway Next Week

6 July 2004

Auckland International Airport Limited Bond Issue Underway Next Week

Auckland International Airport Limited's (AIAL) (NZX, ASX:AIA) board of
directors has approved AIAL making a public offer of debt securities in the
form of bonds. The company will be issuing a prospectus and investment
statement.

AIAL chief executive officer, Don Huse, says this bond offer is primarily for
the refinancing of existing debt, for the airport's capital projects and for
general company funding.

"The company aims to refinance $170 million of debt, with bonds maturing
between 2006 and 2011," Huse comments, "The bonds will be offered in three
forms (of differing interest rates and different minimums to purchase), with
two targeted at institutional investors and one at retail investors."

The airport company's bond offer will open next Monday, 12 July and will
remain open until Monday, 26 July. Interested members of the public should
contact their financial advisors or share brokers and request an investment
statement.

"We have appointed the Bank of New Zealand as lead manager for this bond
issue, with First NZ Capital appointed as organising participant and co-lead
manager. ABN Amro Craigs Limited and Forsyth Barr Limited are co-managers."

Investment statements will be available from NZX participants and the actual
interest rates will be determined and announced on the opening date.

In addition, AIAL will be offering holders of its existing bonds the
opportunity to exchange these for new retail bonds of the same maturity. An
investment statement to allow current holders to exchange bond issues will be
distributed around the opening of the offer.

No money is currently being sought and no applications for bonds will be
accepted or money received unless the subscriber has received an investment
statement.

Attached: a pdf outlining the sequence of bond issues and further details of
the bond issue.

Media enquiries should contact:

Don Huse
Chief Executive Officer
Auckland International Airport Limited
09 256 8900

For further information about the bond issue, please contact:

Paul Mens
General Manager, Finance and IT
Auckland International Airport Limited
09 256 8967

Kevin Mitchelson
Lead Manager
Bank of New Zealand
Fax no: 09 375 2724
Tel no: 09 375 9580
email: kevin_mitchelson@bnz.co.nz

Signed-off by:

_________________ _________________ _________________
________________
Don Huse Paul Mens Chris Curley
Charles Spillane
End CA:00102306 For:AIA Type:GENERAL Time:2004-07-06:14:36:45

[lambton]

My guess the 2009's will hit the streets at 6.80% tops - 10/15 over swap. Very tight pricing, not to my liking. Will wait for something a little more generous.

[Placebo]

Here you go...this from Forsyth Barr

AIA are having an issue of Bonds. Whilst the bonds are not specifically
rated, AIA has a rating from S&P of "A+" on its senior debt. Effectively
that rating applies to these bonds.

There are four series

Series 06 15/11/2006
Series 08 15/11/2008
Series 09 - 5 years
Series 11 - 7 years

The rate will be set prior to opening of the issue. We expect the margin to
be set at 10-15 basis points over relevant swap rate, with interest payable
semiannually in arrears. At current swap levels this would give an all up
6.55-6.60% for Series 06, 6.75-6.80% for Series 08, 6.75-6.80% for series 09
and 6.80-6.85% for series 11.

[Lawso]

I've just gone into Delegat's Capital Notes offer at 9.75%, rising to 11.25% if they don't complete an equity raising by 15.11.05. I'm a contented AIA share holder but why would anyone want to invest in the bonds when there are so many other more generous medium-risk products available?