INDEPENDENT NEWS

Ports of Auckland Ltd. Completes Debt Restructure

Published: Fri 23 Dec 2005 01:50 PM
Friday 23 December 2005
Ports of Auckland Limited Completes Debt Restructure
Ports of Auckland confirmed today that it has completed the restructure of its debt facilities.
Chief Executive Geoff Vazey said: “Over time we will be investing in plant and major infrastructure developments to ensure the Company maintains world class standards of customer service.”
“Our debt level in the past has been very conservative and this package places Ports of Auckland at a typical industry level of debt. It is designed to match the funding requirements of the business and ensure an appropriate capital structure for the long term.
On completion of the new facilities a special dividend of $120 million has been paid to Auckland Regional Holdings which own 100% of Ports of Auckland Limited.
As anticipated Standard & Poor’s has removed Ports of Auckland from creditwatch negative and issued a rating of BBB stable.
-ends-
Media Release
23 December 2005
PORTS OF AUCKLAND LIMITED POSITIONED FOR LONG TERM GROWTH WITH NEW DEBT STRUCTURE
Auckland Regional Holdings (ARH) fully supports Ports of Auckland Limited’s (POAL) recent review of its capital structure to assist its anticipated business growth over the next five to ten years. POAL is fully committed to on going investment in plant and port development to ensure it maintains world-class standards of customer service. POAL has moved to an appropriate long-term capital structure that will also pay ARH, the 100% shareholder, a special dividend of $120 million.
Judith Bassett, Chair of ARH said: “Of ARH’s $1 billion commitment to the ARC, over $600 million will be available over the next four years. This special dividend will assist ARH with its current commitments to the ARC.”
ENDS

Next in Business, Science, and Tech

NZ EU FTA Coming Down To The Wire – Hold The Line, Says Business Forum
By: NZ International Business Forum
NZ space sector set to star in Moon mission
By: Ministry of Business Innovation and Employment
The Sky Is The Limit - Air New Zealand To Relaunch 14 International Routes In 16 Days
By: Air New Zealand
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
NZ Economy: Prevailing Headwinds
By: BusinessNZ
View as: DESKTOP | MOBILE © Scoop Media