Book size: 1250; Registration: Reg S Only; Comments: EUR650m 10yr fxd cpn 4.25% at 100, yld 4.25%. Spread: MS+130bps. 131.8bps vs DBR 2.900% due February 2036 @ 99.720 / HR 94%. MWC: B+20. Par Call: 3m. CoC: 101%. LEI: 549300AO4NFQPL3JBB37;
Deal Comments
Reoffer: 10yr: MS+130bp / 100 / 4.250%
Benchmark: 10yr: DBR 2.900% Feb-36 @ 99.720 / B+131.8 / HR 94%
Launched: €650m at NS+130bp - Books > €1.35bn
Guidance: Spread Set MS+130bp -- Books > €1.4bn
IPTs: 10.25yr: MS+150/155bp
Issuer: Australia Pacific Airports (Melbourne) Pty Limited (ABN 62 076 999 114) (BBG Ticker: MELAIR / Country: AU)
Issuer LEI: 549300AO4NFQPL3JBB37
Issuer Ratings: Baa1 (stable outlook) Moody’s / BBB+ (stable outlook) S&P Global Ratings
Expected Issue Ratings: Baa1 / BBB+ (Moody’s / S&P)
Format: Registered
Status: Senior, Secured, Unsubordinated
Distribution: Reg S, Cat2, TEFRA Not Applicable
Settlement Date: 24-Mar-26 (T+6)
Currency: EUR
Size: €650m
Tenor: 10 years
Maturity Date: 24-Mar-36
Reoffer: 100.00 / MS+130bps / 4.250%
Coupon: 4.250%; Fixed, Annual, ACT/ACT (ICMA)
Reference Benchmark: 131.8bps vs DBR 2.900% due Feb-36 @ 99.720 / HR 94%
Optional Redemption: Make-whole (B+20bps); 3 month Par Call
Denominations: EUR 100,000/EUR 1,000
ISIN: XS3322475651
Common Code: 332247565
Change of Control: Yes, at 101%
Negative Pledge: Applicable
Cross Default: Applicable
Use of Proceeds: To fund capital expenditure, repayment of indebtedness, working capital and for its general corporate purposes
Documentation: As described in the Offering Circular dated 16-Mar-26 relating to the Issuer’s EUR5,000,000,000 Secured Euro Medium Term Note Programme (the “Offering Circular”)
Governing Law: The Notes will be governed by English law
Joint Lead Managers: BNP Paribas/Citi/Credit Agricole CIB/Goldman Sachs(B&D)
Listing: Application will be made to list the Notes on the Singapore Exchange Securities Trading Limited (“SGX-ST”)
Clearing: Euroclear/Clearstream
MiFID II / UK MiFIR Product Governance (Target Market): MiFID II and UK MiFIR professionals/ECPs-only/No PRIIPs or UK PRIIPs KID - Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
Selling Restrictions: As set out in the Offering Circular
Advertisement: The Offering Circular will be available on the website of the SGX-ST (https://www.sgx.com/). The Pricing Supplement in relation to the Notes when available, will be also published on the website of the SGX-ST
Timing: PRICED – TOE 15:09 UKT / 16:09 CET, FTT 15:40 UKT / 16:40 CET
Use of Proceeds
To fund capital expenditure, repayment of indebtedness, working capital and for its general corporate purposes