Brisbane Airport successfully raises AUD$350 Million, 7-Year Australian Medium Term Notes
11 October 2013
Brisbane Airport Corporation Pty Limited (BAC) today announced it had successfully priced AUD$350 million senior secured, seven year fixed rate Medium Term Notes (A$MTN).
The issue was more than three times oversubscribed from the initial launch volume of AUD$150 million with interest in excess of AUD$500 million primarily from Australian and Asian investors.The notes were issued at a spread of swap plus 180 basis points.BAC Chief Financial Officer, Michael Bradburn, said he was delighted with the strong level of demand and support from both Australian and Asian bond investors.
“BAC is especially pleased to welcome new Asian investors that contributed 20 per cent of the final allocations, highlighting Brisbane Airport’s rising popularity with the major Asian growth markets.”“The strong support from both Australian and Asian bond investors demonstrates that investors believe in the stable growth characteristics of BAC’s business and their confidence in our ability to execute our growth strategy.” Mr Bradburn said.The funds raised will be used to repay maturing debt and to fund the capital development plans of the airport into the future.
Brisbane Airport is Australia’s third largest airport and represents the primary international and domestic gateway into the state of Queensland.BAC has a 50 year lease to 2047 over Brisbane Airport, with an option to extend for a further 49 years.
Approximately 80 per cent of BAC shareholders are Australian superannuation and other investment funds.Brisbane Airport Corporation Pty Ltd is rated Baa2 (Stable) by Moody’s and BBB (Stable) by Standard and Poor’s.RBC Capital Markets were financial advisors to BAC and Australia and New Zealand Banking Group and National Australia Bank were Joint Lead Managers on the transaction.
|Joint Lead Manager||Joint Lead Manager|
RBC Capital Markets
p: +61 2 9033 3037
Australia and New Zealand Banking Group
Executive Director, Debt Capital Markets
p: +61 2 8037 0653
National Australia Bank
Director, Corporate Debt Markets Origination
p: +61 2 9237 9210e: email@example.com