Grimy
17-07-2023, 02:43 PM
Infratil Limited has announced that it is making an offer of 6 year unsecured, unsubordinated, fixed rate infrastructure bonds maturing on 31 July 2029.
The Bonds are expected to be quoted on the NZX Debt Market under the ticker code IFT330.
Infratil is offering up to $75 million (with the ability to accept oversubscriptions of up to $75 million at Infratil's discretion). The offer is now open and will close on 21 July 2023.
Offer proceeds raised will be used for general corporate purposes, including to repay a portion of Infratil's existing bank debt bridge facility put in place to fund the acquisition of One New Zealand.
Interest Rate
The Interest Rate for the Infrastructure Bonds will be the higher of:
1. the Minimum Interest Rate of 6.70% per annum; and
2. the sum of the Issue Margin and the 6-year swap rate determined on 21 July 2023 when the offer closes.
The Issue Margin will be set following a bookbuild process on 21 July 2023. The indicative Issue Margin range for the Infrastructure Bonds is 2.25% to 2.40% per annum. In any case, the Interest Rate will not be less than the Minimum Interest Rate of 6.70% per annum.
Full details of the offer, including on how the Interest Rate for the Infrastructure Bonds will be calculated, is set out in the Indicative Terms Sheet that is available to download on Infratil's website.
The Bonds are expected to be quoted on the NZX Debt Market under the ticker code IFT330.
Infratil is offering up to $75 million (with the ability to accept oversubscriptions of up to $75 million at Infratil's discretion). The offer is now open and will close on 21 July 2023.
Offer proceeds raised will be used for general corporate purposes, including to repay a portion of Infratil's existing bank debt bridge facility put in place to fund the acquisition of One New Zealand.
Interest Rate
The Interest Rate for the Infrastructure Bonds will be the higher of:
1. the Minimum Interest Rate of 6.70% per annum; and
2. the sum of the Issue Margin and the 6-year swap rate determined on 21 July 2023 when the offer closes.
The Issue Margin will be set following a bookbuild process on 21 July 2023. The indicative Issue Margin range for the Infrastructure Bonds is 2.25% to 2.40% per annum. In any case, the Interest Rate will not be less than the Minimum Interest Rate of 6.70% per annum.
Full details of the offer, including on how the Interest Rate for the Infrastructure Bonds will be calculated, is set out in the Indicative Terms Sheet that is available to download on Infratil's website.