Auckland Airport plans to raise up to $300 million through a bond issuance.
The airport announced it is offering up to $150 million in fixed-rate retail bonds with a term of five and a half years. It also considers offering floating-rate wholesale bonds that mature in October 2028.
“Retail investors may not participate in the wholesale offer,” Auckland Airport said.
The airport is undertaking a multibillion-dollar infrastructure expansion.
Last week, Auckland Airport opened its largest-ever airfield expansion project, the $465 million northern airfield expansion. The airport is also investing in a $147 million upgrade to its regional airfield, which is expected to be completed by 2028 and will provide flexibility for potential jet services to regional centres in the future.
The retail offer opens today and will be conducted under the Financial Markets Conduct Act as an offer of debt securities that are of the same class as the existing quoted debt securities.
The retail offer will open with an indicative annual margin range between 0.85% and 0.90%, and the retail bonds are set to mature on April 8, 2031.
The actual margin and interest rate for the retail bonds are expected to be announced on October 1.
There is no public pool for the retail offer, with all bonds reserved exclusively for clients of ANZ, Westpac, NZX participants, other approved financial intermediaries, and institutional investors.