Perth airport raises $300m through private placement

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Perth airport has issued $270 million and Australian dollars (A$) 30 million ($31.5 million) of senior secured notes in a private placement issue to US investors.

The proceeds will be used to fund the airport's $750 million expansion plans. With this new market issue, the airport will no longer need the $300 million back-stop facility negotiated in 2011.

The $270 million private placement is composed of $50 for 10 years at a 4.47% coupon, $80 for 12 years at a 4.57% coupon and $140 million for 15 years at a 4.77% coupon. The A$30 million is for 10 years at a 7.32% coupon.

Passenger numbers at Perth airport grew by 10.3% to 12.6 million for the year to 30 June, compared with the corresponding period last year. Passenger numbers on domestic and international routes increased by 11.7% and 6.9% respectively.