North Queensland Airports Investment Overview
Transaction Overview
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Purchase of 24.55% stake in North Queensland Airports (NQA), the operator of Cairns and
Mackay Airports, for A$132.8m (NZ$166m)
To settle on 13 January 2010, timing driven by vendor requirements
Subject to NQA financier consents prior to settlement
Initially funded from existing debt facilities
Subsequently, the funding strategy is likely to involve a mixture of equity and debt consistent
with Auckland Airport's current capital structure
No impact on Auckland Airport existing credit rating of A- anticipated
Good potential to work with Cairns as a strategic stepping stone to strengthen air services
connections between New Zealand and Asia
Rare opportunity to enter higher-growth Australian market and partner with key Australian
airport investors
Auckland Airport moved to secure this opportunity, having initially investigated it when North
Queensland Airports was being privatised 12 months ago
A measured step-out initiative for Auckland Airport in line with Growth Strategy announced
earlier last year - modest investment representing ~5% of Auckland Airport total assets
No material impact from this transaction on Auckland Airport dividends
A
Auckland
Airport
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