Sydney Airport’s $200 million of secured debt maturing on Friday is unlikely to be refinanced given the prospects of privatisation, said CBA in a morning note. Meanwhile, Melbourne Airport is said to be discussing a potential 10‑year benchmark bond issue.
Sydney Airport’s board last week recommended investors accept a cash offer of $8.75 per share from a consortium of big superannuation and investment funds led by IFM Investors, with a vote on the proposal to be held in early 2022.
The deal values the airport’s equity at $23.6 billion and the company at about $32.2 billion including debt. IFM Investors holds stakes in nine other Australian airports, including Melbourne and Brisbane, via its Australian infrastructure fund.
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