Marest plans A$450 million offering of convertibles through entitlement offer, private placement

By Sheri Kasprzak

New York, July 20 - Macquarie Airports Reset Securities Trust (Marest) said it plans to raise A$450 million in a non-renounceable entitlement offer and a sophisticated investor and brokerage firm offer.

The company plans to sell Tradable Interest-bearing Convertible-to-Equity Trust Securities (Tickets) in the offering.

In the entitlement offer, the company plans to sell an additional 19 Tickets for every 20 held by existing shareholders for a total of 4,417,500 Tickets.

The issue price for the offering will be set through a bookbuild scheduled to take place July 27 and July 28. The retail offering will be conducted between Aug. 9 and Aug. 25.

Macquarie Equity Capital Markets Ltd. and Credit Suisse (Australia) Ltd. are joint lead managers.

Proceeds from the deal will be used to purchase another 15% interest in Sydney Airport from Ferrovial Infrasturuas SA and to purchase another 1.9% interest in Brussels Airport from Macquarie Bank Ltd.

Like the existing securities, the Tickets will pay a fixed distribution of A$6.475 each semi-annually until Jan. 1, 2010. On that date they can be exchanged for Macquarie Airports securities.

Based in Sydney, Marest owns interests in airports.

The stock closed down 90 cents to end at A$100.30 Thursday (Australia: MAZPA).

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