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Infratil, 4.75% 2024 & 4.85% 2028 unsecured unsubordinated Infrastructure Bonds

Infratil Limited is offering up to $125 million of Infrastructure Bonds in aggregate across both the General and Exchange Offers (as described below) and across both Series of the aforementioned bonds (with the option to accept up to $125 million of oversubscriptions in aggregate at Infratil's discretion).

The Offer consists of two separate parts. Under the first part (“General Offer”), Infratil is offering Infrastructure Bonds of both Series to all investors in New Zealand. Under the second part ("Exchange Offer"), Infratil is offering holders of its fixed rate bonds maturing on 15 November 2018 ("2018 Bonds") the opportunity to exchange all or some of their 2018 Bonds for Infrastructure Bonds of either Series offered under this Terms Sheet. You will receive one new Infrastructure Bond for each 2018 Bond exchanged under the Exchange Offer. Once you submit a completed Exchange Offer application form you will no longer be able to sell or otherwise transfer your 2018 Bonds designated in that application form.

Summarised details of the offers are below:

Issuer:                             Infratil Limited

Description:                Infrastructure Bonds are unsecured, unsubordinated 

                                        debtsecurities of Infratil to be issued pursuant to the

                                        Trust Deed

Maturity Date:                2024: 15 December 2024 / 2028: 15 December 2028

Size:                                Up to $125 million of Infrastructure Bonds in aggregate

                                        across both the General Offer and the Exchange Offer

                                        and across both Series of Infrastructure Bonds (with

                                        the option to accept oversubscriptions of up to 

                                        $125 million in aggregate at Infratil’s discretion).

                                        Accordingly, the maximum aggregate amount of

                                        Infrastructure Bonds being offered by Infratil is

                                        $250 million. There is no minimum size for each

                                        Series of Infrastructure Bonds.

Minimum Interest Rate: 2024 Bonds: 4.75% per annum 

                                         2028 Bonds: The Interest Rate of the 2028 Bonds

                                         will be fixed for the first five years and then reset on

                                        15 December 2023 for a further five years. First five

                                         years: The Interest Rate of the 2028 Bonds for the

                                         period from the Issue Date to (and including) 15

                                         December 2023 will be 4.85% per annum. Second five

                                         years: The Interest Rate of the 2028 Bonds for the

                                         period from (but excluding) 15 December 2023 until

                                         the Maturity Date will be the sum of the Five Year

                                         Swap Rate on 15 December 2023 plus a margin of

                                         2.50% per annum. The Interest Rate of the 2028

                                         Bonds that is reset on 15 December 2023 will be

                                         announced via NZX on that date. The Interest Rate of

                                         the 2028 Bonds which is reset on 15 December 2023 

                                         may be higher or lower than the Interest Rate of

                                         4.85% which applies for the first five years of the

                                         2028 Bonds and investors should consider the risk

                                         that it may be lower when deciding whether to invest.

Interest Payments:        15 March, 15 June, 15 September and 15 December

                                         of each year until and including the Maturity Date

                                         (commencing on 15 December 2018).

Listing:                            NZX Debt Market ticker code IFT260 has been

                                         reserved for the 2024 Bonds. NZX Debt Market

                                         ticker code IFT270 has been reserved for the

                                         2028 Bonds.

Credit rating:                   -

Brokerage:                      No Brokerage payable by investors.

Minimum Application:   $5,000 and in multiples of $1,000 thereafter


Important Dates 

Opening Date:             1 October 2018

Closing Date:              26 October 2018

Rate Set Date:             26 September 2018

Issue Date:                  General Offer: 29 & 31 October 2018,

                                     Exchange Offer: 15 November 2018

Quotation                    30 October 2018

If you wish to bid through us, please advise your demand number by no later than 4.00 PM Friday, 12th October 2018.


PLEASE NOTE: If you have not already supplied us with the following, we will require a certified copy of valid ID (such as a drivers licence), proof of address and proof of banking details (such as a banking statement). We will ONLY accept your firm interest if you supply the above.


Term Sheet


We strongly recommend you discuss with your adviser at Equity Investment Advisers Ltd to ensure you understand the terms and conditions.

If this offer is of interest to you please register your interest  below so that we can contact you

Expression of Interest click here

Registering your interest does not have any obligation to purchase these bonds. No money is sought at this point.

Please note the allocation may be scaled depending on availability.