By Rebecca Melvin
New York, Feb. 5 – Airport Authority sold $1.5 billion of notes in two parts due 2031 and 2051 (/AA+/), according to an announcement through the Stock Exchange of Hong Kong Ltd.
The $900 million 1 5/8% note due 2031 priced at 99.14. It is callable for a make-whole premium and has a three-month par call.
The $600 million 2 5/8% note due 2051 priced at 99.711. It is callable for a make-whole premium and has a six-month par call.
BofA Securities, HSBC, Standard Chartered Bank and UBS are the joint global coordinators of the Regulation S deal, and are joined as bookrunners and lead managers by BOC International, Citigroup, Deutsche Bank and Mizuho Securities.
The proceeds will be used to fund capital expenditures including the capital expenditure of the 3RS Project and for general corporate purposes.
The issuer is a statutory body corporate established in Hong Kong under the Airport Authority Ordinance.
| Issuer: | Airport Authority
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| Amount: | $1.5 billion
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| Issue: | Notes
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| Bookrunners: | BofA Securities, HSBC, Standard Chartered Bank, UBS, BOC International, Citigroup, Deutsche Bank and Mizuho Securities
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| Closing date: | Feb. 4
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| Distribution: | Regulation S
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| Rating: | S&P: AA+
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| 2031 notes
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| Amount: | $900 million
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| Maturity: | Feb. 4, 2031
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| Coupon: | 1 5/8%
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| Price: | 99.14
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| Calls: | Callable for a make-whole premium, then three-month par call
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| 2051 notes
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| Amount: | $600 million
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| Maturity: | Feb. 4, 2051
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| Coupon: | 2 5/8%
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| Price: | 99.711
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| Calls: | Callable for a make-whole premium, then six-month par call
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