US Private Placement Issue

Brisbane Airport Corporation Pty Limited (‘BAC’) yesterday priced its fourth offering in the US Private Placement market, issuing US$250 million (equivalent) of Senior Secured Notes. The transaction comprised of US$115 million across 10, 12 and 15 year tranches and an A$153 million (US$135 million equivalent) 15 year tranche.

Initially launched as a US$200 million issue, the final order book was over 2.5x oversubscribed at the clearing spread. This strong investor demand resulted in the transaction being upsized to US$250 million (equivalent). In addition to the US$ demand, BAC received more than A$250 million in direct Australian Dollar bids from the US investor base.

BAC achieved the tightest pricing for a BBB Australian issuer in the US Private Placement since February 2011. This result highlights the continued investor support of BAC’s strategy and their strong reception in capital markets.

“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,”

said BAC’s Chief Financial Officer, Michael Bradburn.

The proceeds raised will be used to fund capital expenditure 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.

RBC Capital Markets were financial advisors to BAC and JPMorgan and National Australia Bank acted as Joint Lead Agents on the transaction. ANZ acted as Co-Agent