Australian Infrastructure pulls A$150 million 2% exchangeables

New York, Nov. 12 - Australian Infrastructure Fund withdrew is planned offering of A$150 million in 2% senior unsecured exchangeable bonds due December 2012.

The fund blamed "materially adverse conditions experience in the global financial markets" on Monday.

It noted that the exchangeables were to be used to refinance bank debt drawn to finance the acquisition of additional stakes in three Australian airports but said that it has "a high degree of flexibility" over both timing and options for carrying out the refinancing. One possibility would be to bring back the exchangeable at a future date.

The bonds had been planned to price Tuesday and had been talked to yield 5.65% to 6.65% with an initial conversion premium of 15% to 25%.

Deutsche Bank was the bookrunner of the Regulation S transaction.

Australian Infrastructure Fund is a diversified transportation infrastructure fund based in Melbourne. The fund plans to use the proceeds to refinance its purchase of increased stakes in three Australian airports.

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