Auckland Airport's bonds snapped in sign of 'confidence'

Holders of airport bonds maturing on November 15 will be able to exchange the debt for the new issue, the company said in a statement. Any unsold portion will be offered to the public to bring the total capital raising to NZ$80 million.

The sale is a sign of confidence in the airport at a time when global credit markets are in turmoil, said chief financial officer Jason Dale.

The bonds, rated A by Standard & Poor’s, are being sold to fund general business activities. The November 15, 2016 bonds pay annual interest of 8%. First NZ Capital is the lead manager for the issue.

Auckland Airport stock traded unchanged at NZ$1.85 and is down 36% this year.

BusinessWire.co.nz

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