Sydney Airport Finance launches reopening of 3.9% notes due 2023 to add $225 million

By Andrea Heisinger

New York, Oct. 25 - Sydney Airport Finance Corp. Holdings Pty. Ltd. launched a reopening of its 3.9% notes due 2023 on Thursday to add $225 million, a market source said.

The notes (Baa2/BBB/BBB) were launched at a spread of Treasuries plus 200 basis points.

There is no call option, but the notes feature a change-of-control put at 101%.

Total amount outstanding will be $825 million, including $600 million priced on Oct. 16 at 220 bps over Treasuries.

Bookrunners are Bank of America Merrill Lynch, BNP Paribas Securities Corp., J.P. Morgan Securities LLC and RBS Securities Inc.

The sale is being done under Rule 144A and Regulation S without registration rights.

The financing company is based in Sydney, Australia.

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