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Brisbane,
26
June
2017

US Private Placement Issue

On 15 June 2017 Brisbane Airport Corporation Pty Limited (‘BAC’) reached financial close on its fifth offering in the US Private Placement market.

The transaction priced in March, with the Company issuing US$338 million (equivalent) of Senior Secured Notes. The transaction comprised of US$300 million across 10, 12 and 15 year tranches and an A$50 million (US$38 million equivalent) 20 year tranche.

Initially launched as a US$200 million issue, the final order book was 7.9x oversubscribed at the clearing spread. This strong investor demand resulted in the transaction being upsized to US$338 million (equivalent). In addition to the US$ demand, BAC received more than A$250 million in direct Australian Dollar bids from investors.

David Malek, BAC’s Chief Financial Officer, said, “This is a fantastic result for Brisbane Airport. In support of our ongoing strategy to expand and diversify BAC’s investor base, we are particularly pleased with the participation from a range of new investors as well as the flexibility offered to provide Australian Dollar funding”.

The proceeds raised will be used to fund capital expenditure, refinance maturing debt and for general corporate purposes.

BAC, rated Baa2 (Stable) by Moody’s and BBB (Stable) by Standard and Poor’s, is Australia’s third busiest airport by passenger movements and is primary key international gateway into Australia.

CBA and Bank of America, Merrill Lynch acted as Joint Lead Agents on the transaction. WBC acted as Co-Agent.