Issue 69

Indicative market yield (% pa) 6.00
Indicative market price (%) 102.07

Issuer Infratil
Amount on issue (NZ$m) 100.0
Issuer type Corporate
Description Convertible Bond
Security ranking Subordinated
Assumed maturity date 15 Jun 2016
Legal maturity date Perpetual
Credit rating N/R
Current coupon 8.50
Coupon type Fixed Quarterly
Next coupon reset date N/A
Coupon reset at N/A
Election/Conversion date 15 Jun 2016
First & future call dates 15 Jun 2016
Margin reset date N/A
Margin reset N/A
NZX Code IFT150
Holdings - minimum/increments ($) 5,000/1,000
Issue documentation Click here


The legal maturity is given as "perpetual" as the issuer can on an election date convert the bonds into ordinary shares.

On the election date the issuer has the option of either:

  • redeeming all the bonds for cash, or
  • convert the bonds into ordinary shares in the issuer. The number of shares issued will be determined by dividing the face value of the bonds by a share price that represents 98% of the then market price.

If the issuer fails to make the election descibed above, it will be deemed to have chosen to convert the bonds into shares.

The bond holder has no right to force redemption for cash.

Structural subordination: Infratil Finance, a wholly owned subsidiary of the issuer, has bank facilities under which the debt due to the banks ranks before in priority to the claims of the bond holders.

Financial covenant: Borrowed Money Indebtedness shall not exceed 50% of Tangible Assets

Please refer to the investment statement for further details.

The information contained on this page details certain terms of the bonds extracted from sources that believes to be accurate and reliable. accepts no liability for any omissions or errors contained in this information. Any prices and/or yields displayed are indicative only and are subject to change. The information contained on this page must not be construed as a recommendation or advice by to buy, sell, hold or otherwise deal in the bonds.

Your access to our unique content is free - always has been. But ad revenues are diving so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.