|Indicative market yield (% pa)||4.05|
|Indicative market price (%)||104.79|
|Amount on issue (NZ$m)||80.5|
|Assumed maturity date||15 Feb 2020|
|Legal maturity date||Perpetual|
|Coupon type||Fixed Quarterly|
|Next coupon reset date||N/A|
|Coupon reset at||N/A|
|Election/Conversion date||15 Feb 2020|
|First & future call dates||20 Feb 2020|
|Margin reset date||N/A|
|Holdings - minimum/increments ($)||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 interest.co.nz believes to be accurate and reliable. interest.co.nz 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 interest.co.nz to buy, sell, hold or otherwise deal in the bonds.