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Infratil Infrastructure Bonds

Since 1999 Infratil has undertaken 12 issues of Infrastructure Bonds, or which 8 remain outstanding. The Bonds are unsecured  debt obligations of Infratil Limited. As at April 2011 total outstanding issuance amounted to $861.5 million.

Infratil Infrastructure Bonds 8.0% p.a. due November 2017

The simplified disclosure prospectus is available at: here  or call 04 4732399 or contact the managers as listed below.
The bonds are unsecured unsubordinated Infrastructure Bonds issued by Infratil Limited.
The managers of the offer are:
Forsyth Barr 0800 367 277
ANZ National Bank 0800 269 476
First NZ Capital 0800 005678
Westpac Bank 0800 942822

Exchange Offer to holders of Infratil Bonds maturing 15 November 2011

Holders of these bonds are being offered the opportunity to exchange their maturing bonds for the new bonds. Any bondholder wishing to accept this offer must have their application form with the registry Link Market Services by 5pm on 14 November 2011. Contact details as follows:
email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
telephone: 0800377388
fax:(03)308-1311

Frequently Asked Questions

The following FAQ provides details of all existing Bond terms and whom to contact to buy or sell the Bonds or for further information.

• What are Infratil Infrastructure Bonds?

  The Infratil Infrastructure Bonds are unsecured, unsubordinated fixed rate debt obligations of Infratil Limited.
  
  The Bonds are listed and all the requirements of NZX have been duly complied with but NZX accepts no responsibility for any statement made by Infratil.
  

• What are the maturities, yields and quantities of Bonds on issue?

  Maturity	Face Value on Issue	Coupon (all payable quarterly)
  15 Nov 2011	$20,00,000	8.50% per annum
  15 Nov 2012	$57,396,000	7.75% per annum
  15 Sep 2013	$85,276,000	8.50% per annum
  15 Nov 2015	$152,835,700	8.50% per annum
  15 Jun 2016	$100,000,000	8.50% per annum
  15 Jun 2017	$66,285	8.50% per annum
  15 Nov 2017	offer opened 7 Nov 2011	8.0% per annum
  15 Feb 2020	$80,497,600	8.50% per annum
  Perpetual	$239,315,100	The coupon rate is reset every 15 November at 1.5% over the then one year Bank Base Rate

• What are the Perpetual Infratil Infrastructure Bonds?

  Perpetual Infratil Infrastructure Bonds (PIIBs), are unsecured bonds which do not have a maturity date. In other words, Infratil has no obligation to repay them. This means that, similar to a share, if a Bondholder wishes to cash up their investment they must sell the PIIBs. Infratil Bonds trade on the NZX. For further background to the Piibs please click here

• Can I trade (buy or sell) Infratil Infrastructure Bonds? What is the price?

  All of the Infratil Bonds are listed on the NZX and most trade on a regular basis. Mainly however investors hold to maturity so trading is much less than for Infratil’s shares.
  This website has bids/offers and the last price of listed bonds, including all those issued by Infratil.
  
  As of April 2010 the market yield on most Infratil maturity bonds is about the same as their issue yield.
  
  For instance the Bond maturing November 2015 was issued with a coupon of 8.5%pa meaning that someone buying or selling the bond would receive about $100 per $100 face (not counting any accrued interest or brokerage).
  
  The secondary market price tends to reflect the number of buyers and sellers and will tend to fluctuate over time.
  
  

• What happens on the maturity of Infratil Bonds?

  Because the Bonds are convertible debt obligations (with the exception as noted above of the Perpetuals and the new issue) Infratil has the right to either repay the Bonds with cash or to redeem the Bonds by issuing Infratil shares. In certain situations (which are detailed in the Investment Statements and Prospectus) Bondholders may demand redemption for shares.

  In the past four of the Infratil Bonds have matured and in each case they have been repaid for cash.

• What does Infratil use Bond funding for?

  Infratil has issued twelve series of Bonds (four have been repaid) and there have been different factors behind each. The first issue in 1999 was of approximately $66 million and was used to purchase an interest in Wellington International Airport. Other issues have similarly been invested in assets Infratil has acquired.

• What are my rights as a Bondholder?

  The Bondholders' rights are set out in the Investment Statement. However as there are technicalities and complexities in some of the terminology contained in this description it is a good idea to talk with a professional adviser such as a broker or financial planner. The Bonds are not subordinated, but in certain situations Bondholders may not have priority claims to the assets owned by Infratil.

• Do Infratil Infrastructure Bonds have voting rights?

  Not usually. In certain extraordinary situations the holders of each class of Bonds may vote on matters that effect them.

• How do I obtain a copy of the Infratil Infrastructure Bonds Investment Statement or Prospectus for a particular Infrastructure Bond?

  To download PDF copies of the Infratil's Infrastructure Bond Investment Statements/Flyers right click on the links below:

  Bond Maturity	Offer Opened
  15 Nov 2011	17 Dec 2001	click here (1MB) Offer closed 3 January 2002
  15 Nov 2012	26 Aug 2005	click here (1.7MB) Offer closed 7 October 2005
  15 Sep 2013	22 Aug 2003	click here (775KB) Offer closed 11 March 2004
  15 Nov 2015	10 Dec 2004	click here (1.7MB) Offer closed 4 February 2005
  15 Feb 2020	20 Dec 2005	click here (2MB) Offer closed 2 June 2006
  Perpetuals	17 Nov 2006	click here (3MB) Offer closed 30 April 2007
  15 June 2016	26 Nov 2010	click here (2MB) Offer closed 26 January 2011
  15 June 2017	21 Jan 2011	click here (2MB) Offer closed 14 April 2011
  15 Nov 2017	07 Nov 2011	click here (2MB)

  
  

  Infratil Infrastructure Bonds Prospectus 2004 right click here (PDF 2MB).

  Infratil Infrastructure Bonds Prospectus August 2005 right click here (PDF 3MB).

  Infratil Infrastructure Bonds Prospectus December 2005 right click here (PDF 6MB).

  Infratil Infrastructure Bonds Prospectus November 2006 right click here (PDF 5MB).

  Infratil Infrastructure Bonds Simplified Prospectus November 2010 right click here (PDF 2MB).

  Infratil Infrastructure Bonds Simplified Prospectus November 2011 right click here (PDF 2MB).

• How do I obtain a copy of the Infratil Infrastructure Bonds Trust Deed?

  Infratil Infrastructure Bonds Trust Deed click here (PDF 214KB).

  Infratil Infrastructure Bonds Trust Deed Amendment dated 14 August 2003
  click here (PDF 33KB).

  Infratil Infrastructure Bonds Trust Deed Amendment dated 15 November 2006
  click here (PDF 175KB).

  "Conformed" Trust Deed incorporating all amendments to the original 11 November 1999 Trust Deed click here (PDF 333KB)
  This is a reference document only and the original documentation should always be checked.

• Who is the Trustee of the Infratil Infrastructure Bonds?

  The Trustee is Trustees Executors Limited, Level 1 50 Customhouse Quay, Wellington. Telephone : 04 495 0999.

• What is the Trustee’s monitoring role with regards to Infratil compliance with Bond covenants and terms?

  The terms of Infratil’s Bonds are set out in their individual prospectus and trust deeds (and summarised in the relevant Investment Statement). Each six months Infratil provides the Trustee with a certificate signed by directors confirming its position relative to the Bond covenants and with regards to general compliance with Bond terms. Infratil has always recorded conformity. Bondholders are welcome to contact the Trustee to confirm Infratil’s compliance.

• What are the contact details of brokers who trade Infratil Infrastructure Bonds?

  ANZ NATIONAL BANK
  Level 7, 1 Victoria Street Wellington Free Phone (New Zealand): 0800 626 966	Contact: Ben Petro Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  CRAIGS INVESTMENT PARTNERS
  102-104 Spring Street Tauranga New Zealand: 07 577 4743	Contact: Deidre Copley Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  DIRECT BROKING
  20 Panama Street Wellington Free Phone (New Zealand): 0800 800 372	Contact: Graeme Beckett Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  FIRST NZ SECURITIES
  Level 20, ANZ Centre 23-29 Albert Street Auckland Free Phone (New Zealand): 0800 805 584	Contact: Jo Hikaka Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  FORSYTH BARR
  Forsyth Barr House Cnr Lambton Quay & Johnston Street Wellington Free Phone (New Zealand): 0800 367 227	Contact: Max Brown Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  MCDOUALL STUART SECURITIES
  Level 6, The Bayleys Building Wellington Free Phone (New Zealand):0800 577 777	Contact: Andrew McDouall Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  WESTPAC  BANKING CORPORATION, NZ BRANCH
  PO Box 934, Auckland Free Phone (New Zealand):0800 489 222	Contact: Geoff Wilson Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

   

   

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