Auckland Airport completes

11 March 2008

Auckland International Airport Limited (Auckland Airport) has established new syndicated bank facilities (Facilities) to refinance debt maturing later this year and to further enhance the company's funding sources and balance sheet position.

The Facilities include a $350 million cash advances facility with two, three and five year terms and a $200 million standby facility with 364 day and two year terms. The cash advances facility will provide committed funding to refinance debt maturing in 2008 as well as funding for Auckland Airport's capital expenditure plans. The standby facility will support Auckland Airport's commercial paper programme and provide additional committed, but undrawn, funding lines or "liquidity headroom".

The Facilities are being provided by ANZ National Bank Limited, Bank of New Zealand, Commonwealth Bank of Australia and Westpac Banking Corporation. Each of these banks has been appointed as Joint Lead Arranger for the Facilities. ANZ has been appointed the Facility Agent.

Chief financial officer, Robert Sinclair, said "Auckland Airport has taken a prudent approach to its debt commitments given the uncertainty that exists in global financial markets. The Facilities provide flexible additional funding sources for the on-going growth of our business, and provide further liquidity headroom consistent with our strong credit rating and balance sheet position. We are also pleased to have involved all of the four main Australasian banks in these new syndicated facilities."

The Facilities have been rated A by Standard and Poor's, consistent with the company's corporate credit rating of A (Negative Outlook).

For further information, please contact:

Robert Sinclair
Chief financial officer
+64 9 256 8129