Private Placement Financing

New Zealand airport receives growth financing

Headquartered in Wellington, New Zealand, Wellington International Airport Ltd. (WIAL) is the owner and operator of New Zealand’s third largest airport. WIAL acts as the gateway to the country’s capital city and its second largest metropolitan area. WIAL is currently undertaking a sizable capex program, which includes the recently completed extension of its domestic terminal alongside the development of a new on-site car park and hotel. Both are expected to be completed in the next two years.

In early 2017, WIAL sought NZ$100 million of senior unsecured notes to refinance an August maturity of a domestic bond, and to fund the growth capex program. Historically, WIAL relied on bank debt combined with New Zealand domestic bonds to secure liquidity and longer-term funding. However, Pricoa Capital Group approached WIAL with an alternative private placement financing solution that would further lengthen their debt maturity profile, facilitate future add-on financings, and also meet WIAL’s accelerated timeline to close.

WIAL valued Pricoa’s local presence and relationship-focused approach as the company sought a financing partner that could grow with them as future funding needs materialized. Faced with the need for a long-term capital provider and a condensed timeline, WIAL chose to partner with Pricoa Capital Group based on Pricoa’s certainty of execution and its ability to offer a tailored product that wasn’t available in the local market, thereby allowing WIAL to execute its first off-shore debt capital markets issuance.