Dublin Airport Authority announces successful €600 million benchmark Eurobond issue
July 03, 2008
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
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
3rd July 2008
For further information please contact:
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Vincent Wall, Director
Communications, DAA :
Tel 353 18144107
Mob 353 876860727