24-Mar-2010 11:49 AM

Brisbane Airport seeks longer-term funding

Australia’s Brisbane Airport Corp is reportedly considering a 10 or 15 year US private placement and a five to seven year Australian dollar bond sale in late 2010 or early 2011 (Bloomberg, 23-Mar-2010). Brisbane Airport expects to spend approximately USD1.2 billion on projects in the next five years, including USD459 million on Phase I of constructing a new runway. The company has five lines of Australian dollar bonds outstanding, including USD321 million due in Jun-2010. The company has arranged bank loans to repay those notes, and will weigh seeking further funding from lenders against selling bonds later this year.