Christchurch International Airport Limited (CIAL) has announced an offer of up to NZ$75 million (with the ability to accept up to NZ$25 million in oversubscriptions at CIAL’S discretion) of 6 year, unsecured, unsubordinated, fixed rate bonds maturing on 24 May 2024 to institutional investors and New Zealand retail investors (the Offer).
Summarised details of the offers are below.
Issuer: Christchurch International Airport Limited (CIAL)
Description: Unsecured, unsubordinated, fixed rate bonds (“Bonds”)
Maturity Date: Friday, 24 May 2024
Expected Issue Rating: The Bonds will not be rated
Size: Up to $75 million (with the ability to accept oversubscriptions of up to $25 million at CIAL’s discretion)
Interest Rate: TBA
To be determined by CIAL in conjunction with the Lead Manager following a bookbuild, and announced via NZX on the Rate Set Date
The Interest Rate will be equal to the sum of the Swap Rate on the Rate Set Date and the margin, but in any case will be no less than the minimum Interest Rate announced by CIAL via NZX on or about the Opening Date (being 14 May 2018).
Minimum Application: $5,000
Interest Payments: Interest will be paid semi-annually in arrear in equal amounts on 24 May and 24 November of each year (or if that day is not a Business Day, the next Business Day) until and including the Maturity Date
The first Interest Payment Date will be 24 November 2018. As that date is a Saturday, the actual payment will be made on 26 November 2018
Listing: NZX ticker code CHC010 has been reserved for the Bonds
Brokerage: Brokerage payable by investors
PLEASE NOTE: There is no public pool therefore there is no official retail application. If you are a retail investor, please contact your adviser or broker to assist you in sourcing this, as this is an institutional offering.
Opening Date: Monday, 14 May 2018
Closing Date: Friday, 11am NZT, 18 May 2018
Rate Set Date: Friday, 18 May 2018
Issue Date: Wednesday, 18 April 2018
Quotation Friday, 25 May 2018
If you wish to bid through us, please advise your demand number by no later than 4.00pm Friday, 17 Mar 2018
Product Disclosure Statement