New Zealand’s Wellington International Airport (WIA) has revealed that it is planning to make a retail bond offering to the country’s institutional and retail investors.

The airport plans to offer nearly NZD75m ($50m) of six-year unsecured, unsubordinated, fixed-rate bonds, with the option to accept oversubscriptions of around NZD25m at its discretion.

The offer is expected to be open in the first week of next month. The airport said the full details of the offer will be announced once it is open.

Meanwhile, WIA has appointed ANZ Bank New Zealand (ANZ) as the arranger. ANZ and Forsyth Barr will act as the joint lead managers to the bond offer.

WIA said it will offer the bond in accordance with the Financial Markets Conduct Act 2013, as an offer of debt securities of the same class as existing quoted debt securities. The bonds are expected to be quoted on the NZX Debt Market.

Last year, Wellington Airport unveiled its 2040 masterplan detailing plans to accommodate traffic growth over the next two decades.

The proposed plan includes terminal expansion, runway and taxiway system enhancement and the construction of freight facilities, additional parking stands and a modern fire station.

It also included the construction of a multi-purpose domestic and international jet terminal and the introduction of quick transport options from Wellington city centre.

Last year, the airport deployed Veovo’s online airport management system known as R8.

In 2015, the airport received consent for the construction of a new air traffic control (ATC) tower.