Infratil Infrastructure Bond Offer Opens

Infratil Limited (Infratil) announced today that it has opened an offer of 7 year unsecured, unsubordinated, fixed rate bonds (New Bonds) to New Zealand investors. The bonds will mature on 16 June 2032.

The offer comprises two separate parts:

• A "Firm Offer" of up to $50,000,000 of New Bonds (with the ability to accept oversubscriptions at Infratil’s discretion), which will be available to New Zealand resident clients of the Joint Lead Managers, approved financial intermediaries and other primary market participants invited to participate in the bookbuild process. The Firm Offer is now open and will close at 11.00am on 4 June 2025.

• An "Exchange Offer" of up to $43,413,442 of New Bonds under which all New Zealand resident holders of the IFT250 bonds that mature on 15 June 2025 (2025 Bonds) will have the opportunity to exchange some or all of their maturing 2025 Bonds for New Bonds. The Exchange Offer will open on 5 June 2025 (following the closing of the Firm Offer on 4 June 2025) and will close at 5.00pm on 11 June 2025. All eligible holders of the 2025 Bonds who submit valid applications will have their applications satisfied in full up to a maximum of the number of 2025 Bonds they hold. There is no ability to apply for additional New Bonds under the Exchange Offer.

The timing of the Exchange Offer is designed to ensure eligible holders of the 2025 Bonds can have certainty on the interest rate applicable to the New Bonds when they elect whether to participate in the Exchange Offer. Eligible applicants can be certain that their application will be satisfied in full up to the amount of their existing investment.

Interest Rate

The Interest Rate for the New Bonds will be the greater of:

a) the Minimum Interest Rate of 6.00% per annum; and

b) the sum of the Issue Margin and the Base Rate determined on the Rate Set Date (4 June 2025).

The indicative Issue Margin range for the New Bonds is 2.30% to 2.45% per annum. The Issue Margin will be set following a bookbuild process on 4 June 2025 and will be announced by Infratil via NZX shortly thereafter, together with the Interest Rate. In any case, the Interest Rate will not be less than the Minimum Interest Rate of 6.00% per annum.

Full details of the offer, including how the Interest Rate for the New Bonds will be calculated, is set out in the Indicative Terms Sheet attached.

The offer is being made as an offer of debt securities of the same class as existing quoted debt securities pursuant to the Financial Markets Conduct Act 2013. The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX. The New Bonds are expected to be quoted on the NZX Debt Market under the ticker code IFT370.
 

Further information is available on www.infratil.com/for-investors/bonds or by contacting a Joint Lead Manager or your usual financial adviser.

Arranger and Joint Lead Manager:
Bank of New Zealand
Joint Lead Managers:
Craigs Investment Partners Limited
Forsyth Barr Limited

Tom Robertson
Infratil Treasurer
Phone: +64 4 550 5432
Email: [email protected]

Authorised for release by:

Brendan Kevany
Infratil Company Secretary

---

Announcement PDF