13-Aug-2010 10:56 AM

Melbourne Airport to sell AUD200m of bonds

Australia Pacific Airports Melbourne Pty Ltd plans to sell AUD200 million (USD179 million) worth of six-year bonds (Bloomberg, 13-Aug-2010). Indicative pricing for the six-year fixed rate notes is "in the 190 area" according to Australian and New Zealand Banking Corp and Westpac Banking Corp, who will jointly lead and manage the transaction expected to price shortly. Melbourne Airport represents 97% of its total revenue and 98% of APAC’s total assets. Australia Pacific Airports has a AUD330 million (USD296 million) project underway to expand the airport's international terminal. The company reportedly has AUD250 million (USD224 million) of 10-year floating-rate bonds maturing in June 2011 that were sold with a guarantee from MBIA Insurance Corp.

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