NZ's Auckland Airport raises NZ$550 mln in loans

WELLINGTON, March 11 (Reuters) - New Zealand's Auckland International Airport Ltd (AIA.NZ: Quote, Profile, Research, Stock Buzz) said on Tuesday it had raised NZ$550 million ($433 million) in loans to refinance debt and fund its business.

The company said it had established new syndicated bank facilities to refinance debt maturing later this year and to further enhance the company's funding sources and balance sheet.

The facilities included a NZ$350 million cash advance facility with two-, three- and five-year terms and a NZ$200 million standby facility with 364-day and two-year terms.

The cash advances would be used to refinance debt maturing this year and fund the airport's capital spending.

The standby facility would support the company's commercial paper programme and give it guaranteed funding lines.

Joint lead managers for the refinancing package were the ANZ National Bank (ANZ.AX: Quote, Profile, Research, Stock Buzz), Bank of New Zealand (NAB.AX: Quote, Profile, Research, Stock Buzz), Commonwealth Bank of Australia (CBA.AX: Quote, Profile, Research, Stock Buzz) and Westpac Banking Corporation (WBC.AX: Quote, Profile, Research, Stock Buzz).

"The facilities provide flexible additional funding sources for the ongoing growth of our business, and provide further liquidity headroom consistent with our strong credit rating and balance sheet position," chief financial officer, Robert Sinclair, said in a statement.

The airport company, which handles around 70 percent of all international arrivals in New Zealand, is currently the subject of a NZ$1.8 billion partial takeover offer from the Canadian Pension Plan Investment Board, which is seeking a 40 percent stake.

Shares in Auckland Airport last traded up 1.3 percent at NZ$2.28 in a broader market down 0.9 percent. ($1=NZ$1.27) (Reporting by Gyles Beckford)