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Adelaide Airport replaces credit wrapped bonds

Adelaide Airport last week bought back 85 per cent of its credit-wrapped December 2010 bonds and placed A$235 million of September 2015 FRNs via New Terminal Financing Co (rated BBB). There is a call option attached to the FRNs, exercisable from June 2014 and quarterly thereafter. Adelaide Airport wanted to retain some flexibility in this regard and decided incorporating a call option was easier than undertaking a buyback.

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