Top Level Content Navigation:
Dublin Airport Authority plc (DAA) today announced that
its financing company, DAA Finance plc, has successfully launched a €600
million, 10 year, 6.5872% Eurobond issue. The bonds will be listed on the
Irish Stock Exchange.
The financing will help DAA fund its
substantial capital investment programme at Dublin airport including the
delivery of the new passenger terminal (Terminal 2). The bond issue is
consistent with DAA’s strategy of securing longer-term funding to finance core
strategic infrastructure assets.
Dublin Airport Authority last
accessed the bond market for €250m in 2001. This most recent new issue generated
significant European investor interest and was oversubscribed, with investor
demand spread across more than ten countries. Barclays Capital, BNP Paribas and
J&E Davy acted as joint lead managers for the bond issue and DAA was advised
by Rothschild.
Commenting on what was only the third 10 year
corporate transaction in the Euro bond market since the start of May (alongside
more regular issuers France Telecom and Siemens) and one of only three corporate
Euro transactions priced over the past two weeks, Ray Gray, Director-Finance of
DAA said:
“DAA’s ability to raise significant long-term financing at
attractive rates in volatile capital market conditions reflects its strong
balance sheet and excellent credit profile (‘A’ rating stable outlook by
Standard and Poor’s). The bond issue highlights the broad investor support for
the group across Europe.”
Wayne Hiley, from joint lead
managers Barclays Capital added:
“Many corporate borrowers have been unable
to access the 10 year part of the market in recent months, as bond investors
focus on shorter maturities. In very challenging market conditions DAA has
secured 10 year money at an historically attractive
coupon.”
ENDS
3rd July 2008
For further information
please contact:
Vincent Wall, Director Communications DAA
F
353 1 8144107
M 353 87 6860727
Secondary Content Navigation:
