Auckland Airport refinances $300 million of bank facilities
The existing facilities are to mature on April 30.
Auckland International Airport [NZX: AIA] has established $200 million in standby facilities to refinance $115 million in existing bank facilities, along with another $100 million to pay for capital expenditure.
The existing facilities are to mature on April 30. Of the new undrawn standby facilities, $125 million is provided by Bank of New Zealand and $75 million by Westpac Banking Corp, both maturing in April 2019.
Commonwealth Bank of Australia will provide an additional two-year drawn facility of $100 million, which the airport says will partly fund its capital expenditure programme.
In October 2015, the airport updated its forecast capital expenditure for the 2016 financial year to between $230 million and $260 million as a result of growth in the business. That includes $135 million of aeronautical capital expenditure, an annual spend which is expected to continue at about that level for the next few years.
The shares last traded at $6.42 and have gained 12% this year. The stock is rated an average 'sell' based on six analyst recommendations compiled by Reuters, with a median target price of $5.20.
(BusinessDesk)
Sophie Boot
Thu, 07 Apr 2016
Thu, 07 Apr 2016
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Auckland Airport refinances $300 million of bank facilities
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