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Sydney

Sidney Airport Completes US$900 Bond Issue

Sydney Airport, last weekend completed a 10 year, $900 million bond raising exercise to reduce its drawn bank debt and for general corporate purposes.

The bond which was given a Moody rating of Baa2 and priced with a coupon of 3.625% was handled by JPMorgan, Bank of America Merrill Lynch, ANZ and ScotiaBank.

As per its full-year results in February 2016, Sydney Airport had an $86 million undrawn bank facility maturing this year, a $545 million drawn bank debt facility maturing in 2017 and $736 million of various debt facilities maturing in 2018.

Sydney Airport has been reporting very strong international traffic growth, up 7.9% for the month of March and 9.9% in the first quarter.