IFT - Infratil

[Onion]

IFTHA? I think they are unsecured unsubordinated convertible perpetual bonds

Perpetual - although NZX site says...

Maturity Date 01 Jan 3000

... so if you stick around for a while they might mature (or convert, I haven't looked at the terms of issue)!

[Grimy]

I'm sure the IFTHA bonds are not convertible. Just a perpetual bond. Infratil certainly make it clear on their website they are not redeeming them anytime soon, unless they have to under the terms of the original PDS - company takeover for example.

[GTM 3442]

The IFTHAs aren't convertible or redeemable.

They have an interest rate reset every year (November).

The interplay of the price, the coupon rate, and the OCR can provide a bit of work, a bit of fun, and a bit of profit.

[Grimy]

I'm certainly happy to be holding a few at the average I have them at.

[Brain]

150,000 shares purchased by a director/CEO on market is a very very good sign.

[Old mate]

Got another 71,000 yesterday. That's 2millon bucks worth must be very confident indeed.

[Bjauck]

The IFTHAs aren't convertible or redeemable.

They have an interest rate reset every year (November).

The interplay of the price, the coupon rate, and the OCR can provide a bit of work, a bit of fun, and a bit of profit.

Infratil can redeem these bonds for cash. If there is a default event then they are redeemed for cash or converted into shares.

https://www.chrislee.co.nz/uploads//...ents/IFTHA.pdf
type of instrument
Infrastructure Bonds are unsecured, unsubordinated, convertible debt obligations of Infratil.

[Grimy]

Infratil can redeem these bonds for cash. If there is a default event then they are redeemed for cash or converted into shares.

https://www.chrislee.co.nz/uploads//...ents/IFTHA.pdf
type of instrument
Infrastructure Bonds are unsecured, unsubordinated, convertible debt obligations of Infratil.

But they will only redeem/convert under certain situations-which all things being equal will probably not eventuate. So best to consider them perpetual (PIIB). Maturity date is about the year 3000, so in effect-perpetual/no maturity (that is of concern to present investors). A bit more from the PDS/Flyer;

No Maturity Date: PIIBs have no Maturity Date. Accordingly
Infratil is not obliged to repay the PIIBs, and Holders of PIIBs
cannot require Infratil to repay their PIIBs, unless an event of
default or a compulsory acquisition occurs as set out in the
Trust Deed which results in an early redemption or conversion
of their PIIBs. This means that the only way in which a Holder
of PIIBs can cash in his or her investment, other than for the
limited circumstances described above, is to sell them.

There is a more up to date posting (sort of Q&A) on Infratil's web site explaining their rationale for not redeeming/repurchasing/converting the IFTHA bonds (as had been called for by some holders/brokers).
Basically, unless the company is bought out/taken over (or one of the other limited circumstances listed) these bonds are here to stay in their current form.

[Bjauck]

But they will only redeem/convert under certain situations-which all things being equal will probably not eventuate. So best to consider them perpetual (PIIB). Maturity date is about the year 3000, so in effect-perpetual/no maturity (that is of concern to present investors). A bit more from the PDS/Flyer;

No Maturity Date: PIIBs have no Maturity Date. Accordingly
Infratil is not obliged to repay the PIIBs, and Holders of PIIBs
cannot require Infratil to repay their PIIBs, unless an event of
default or a compulsory acquisition occurs as set out in the
Trust Deed which results in an early redemption or conversion
of their PIIBs. This means that the only way in which a Holder
of PIIBs can cash in his or her investment, other than for the
limited circumstances described above, is to sell them.

There is a more up to date posting (sort of Q&A) on Infratil's web site explaining their rationale for not redeeming/repurchasing/converting the IFTHA bonds (as had been called for by some holders/brokers).
Basically, unless the company is bought out/taken over (or one of the other limited circumstances listed) these bonds are here to stay in their current form.

Sure they have narrow criteria enabling conversion but the redemption options for cash are wider. However it is incorrect to state that IFTHA are not redeemable or convertible.

[Grimy]

I certainly won't be complaining if they choose to redeem them. But at my average buy in price I'm also more than happy holding them.