ARTAUS 5.598% 12Jun2031 Corp (AUD)

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Australian Rail Track Corporation Limited

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Bond Information

Australian Rail Track Corporation Limited manages rail transport infrastructure across Australia. The Company operates and maintains the national rail network, ensures safe and efficient train transit, and oversees rail infrastructure projects and investments. Australian Rail Track Corp Ltd serves freight and passenger train operators throughout Australia.

Bond Issuer

Australian Rail Track Corporation Limited

Guarantor

Announcement Date

04 Jun 2024

Issue Date

12 Jun 2024

Maturity Date

12 Jun 2031

Years to Maturity / Next Call

4.582 / 4.330

Modified Duration

3.896 @ 11 Nov 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.598

Coupon Type

Fixed

Annual Coupon Rate

5.598

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

AU3CB0310332

CUSIP

YX1466227

Bond Currency

AUD

Total Issue Size

450,000,000

Min. Investment Quantity (Nominal)

AUD 10,000

Incremental Quantity (Nominal)

AUD 10,000

Bond Type

Corporate

Bond Sector

Industrials

Bond Sub Sector

Road and Rail

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Bond Feature(s)

Issuer Call

The Issuer may redeem all or some of the Notes under Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”) at any time during the period from (and including) the date which is [3 months] before the Maturity Date to (but excluding) the Maturity Date. If this paragraph (a) applies, for the purposes of Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”):

(i) the Redemption Amount will be the outstanding principal amount of the Notes which are redeemed. The Issuer will also pay accrued interest in accordance with Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”);
(ii) the Issuer must give a notice in accordance with Condition 9.6(b) (“Early redemption at the option of the Issuer (Issuer call)”) and the minimum and maximum notice periods specified in Condition 9.6(b) (“Early redemption at the option of the Issuer (Issuer call)”) will apply; and
(iii) the Early Redemption Date (Call) will be the date specified in the notice given by the Issuer referred to in sub-paragraph (ii) above (which date must be a Business Day).

Clean-Up Call

If the relevant Pricing Supplement states that the Issuer may redeem all or some of the Notes of a Series before their Maturity Date under this Condition, the Issuer may redeem so many of the Notes specified in the Pricing Supplement at the Redemption Amount and any interest accrued on it to (but excluding) the redemption date.

However, the Issuer may only do so if:

if the outstanding aggregate principal amount of the Notes in a Series is 15% (or such other amount as is specified in the relevant Pricing Supplement) or less of the aggregate principal amount of the Notes of the Series originally issued (and, for these purposes, any further Notes issued pursuant to Condition 18 (Further issues) and consolidated with the Notes as part of the same Series shall be deemed to have been originally issued) (the “Clean-Up Call Threshold”);

Partial redemptions

If only some of the Notes are to be redeemed under Condition 9.6 (Early redemption at the option of the Issuer (Issuer call)) or Condition 9.7 (Clean-Up Call), the Notes to be redeemed will be specified in the notice and selected by the Issuer:
(a) in a fair and reasonable manner under the circumstances of the proposed redemption and having regard to prevailing market practice; and
(b) in compliance with any applicable law, directive or requirement of any stock exchange or other relevant authority on which the Notes are listed.

Make Whole Call

The Issuer may redeem a Note under Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”) on a date which is more than [3 months] before the Maturity Date. If this paragraph (b) applies, for the purposes of Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”):

(i) the Redemption Amount will be the Make-Whole Amount. The Issuer will also pay accrued interest in accordance with Condition 9.6 (“Early redemption at the option of the Issuer (Issuer call)”);
> (ii) the Issuer must give a notice in accordance with Condition 9.6(b) (“Early redemption at the option of the Issuer (Issuer call)”) and the minimum and maximum notice periods specified in Condition 9.6(b) (“Early redemption at the option of the Issuer (Issuer call)”) will apply; and
(iii) the Early Redemption Date (Call) will be the date specified in the notice given by the Issuer referred to in sub-paragraph (ii) above (which date must be a Business Day).

In this paragraph (b), "Make-Whole Amount" means the amount which is the greater of:
(1) the outstanding principal amount of the Note as at the Early Redemption Date (Call); and
(2) the amount determined by the Financial Representative to be the value on the Early Redemption Date (Call) of the Note being redeemed, calculated in accordance with the Reserve Bank of Australia Bond Formula for the calculation of the settlement price of fixed income securities (as published on the Issue Date), where the yield that applies is:

(A) the rate (expressed as a semi-quarterly rate), which is the mid-swap rate (determined using linear interpolation as necessary) calculated by referencing the semi-annual rate adjusted for the 6-month 3-month basis (as applicable) to the Maturity Date of the Notes as displayed on Interest Rate Swaps (Australia) Bloomberg page (‘IRSB AU’, reference to the ‘Mid’ rates) or other electronic media at or around 10.00 am (Sydney time) three Business Days prior to the Early Redemption Date (Call); or
(B) if those rates are not displayed by Bloomberg, the rate determined by the Financial Representative to be appropriate having regard to market rates and sources then available, and in the case of either paragraph (A) or (B), plus 35bps (being 25% of the re-offer margin to benchmark, rounded to the nearest 5bps).

Change Control Put

If a Change of Control Event (defined in paragraph (c) below) occurs, the Issuer must, as soon as reasonably practicable but, in any event, within 10 Business Days, notify the Holders of the occurrence of the Change of Control Event in accordance with Condition 19 (“Notices”) (a “Change of Control Event Notice”). Within 45 days of receipt of the Change of Control Event Notice (the “Change of Control Put Period”, a Holder may, by notice to the Issuer, require the Issuer to redeem all or some of the Notes of a Series held by the Holder before their Maturity Date and the Issuer must redeem the Notes specified by the Holder on the Change of Control Redemption Date at the Redemption Amount (being the outstanding principal amount of the Notes which are redeemed) and any interest accrued on it to (but excluding) the redemption date if the following conditions are satisfied:

(i)the amount of Notes to be redeemed is a multiple of their Denomination;
(ii)the Holder has given notice to the Issuer and the Registrar by delivering to the Registrar, in accordance with Condition 19 (“Notices”) a completed and signed redemption notice in the form provided in the Change of Control Event Notice, together with any evidence the Registrar may require to establish title of the Holder to the Note; and
(iii)the notice referred to in the preceding sub-paragraph (ii) specifies an account in the country of the currency in which the Note is denominated to which the payment should be made or an address to where a cheque for payment should be sent.

Any notice given by a Holder under the preceding sub-paragraphs (ii) or (iii) is irrevocable.

(c) A "Change of Control Event" occurs if:
(i)the Commonwealth of Australia Government (or a relevant Commonwealth Government instrumentality, statutory authority, Ministry or Ministries) ceases to own or Control (as defined in section 50AA of the Corporations Act), directly or indirectly, at least 50.1% of the beneficial and legal interest in the Issuer’s share capital and voting power (a “Change of Control”); and

(ii)if:
(A)the Notes are rated by at least one Rating Agency at the time the Change of Control occurs, by the end of the period ending 90 days after the later of the date on which the Change of Control occurs or is publicly announced (the “Trigger Period”), the Notes are not rated at least A2 (or its equivalent) by Moody's (or any of its successors or any other Rating Agency of domestic or international standing and recognition) or the rating of the Notes is otherwise removed; or
(B)the Notes are not rated by at least one Rating Agency at the time the Change of Control occurs, the Notes have not been assigned a rating of at least A2 (or its equivalent) by Moody’s (or any of its successors or any other Rating Agency of domestic or international standing and recognition) by the end of the Trigger Period.

Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.

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