Auckland International Airport Ltd., New Zealand’s largest, is meeting private bond investors in the U.S. to discuss selling notes to refinance debt due in March, it said in a statement today.
Auckland Airport plans to issue at least $100 million of bonds and hired Commonwealth Bank of Australia to help manage the transaction, a person familiar with the matter said, asking not to be identified as the details are private.
The airport joins Mighty River Power and Transpower New Zealand Ltd. in approaching U.S. private investors as New Zealand companies seek to diversify their financing sources and take advantage of record-low yields in the world’s biggest corporate bond market. It has a NZ$125 million ($99 million) term loan due in March, according to data compiled by Bloomberg.
Mighty River Power, an Auckland-based state-owned electricity generator, said Nov. 3 it raised $200 million by selling 10-, 12- and 15-year bonds. Wellington-based Transpower sold $150 million of 12-year notes in September, a person familiar with the matter said at the time.