Infratil (NZE:IFT, ASX:IFT) launched an offer of up to NZ$150 million of unsecured, subordinated capital bonds due 2057 to investors in New Zealand, according to Tuesday filings with the Australian and New Zealand bourses.

The interest will be fixed for an initial six-year period after which it will reset on June 15, 2032, and every five years after that. The indicative margin range for the issuance is 1.60% to 1.75% per year.

The offer is expected to close on June 5, and the cumulative bonds are expected to be issued June 15.

The company said it may repay some or all of the bonds early under certain circumstances.

The company's Kiwi shares were down nearly 1% in recent Tuesday trade.