Wellington, Jan 27 NZPA - Auckland International Airport (AIA) has announced a $126.4 million share offer to shareholders to help pay for an almost quarter stake in two Queensland airports bought earlier this month.

The shares, of which subscribers can apply for one per 16 they already own, will be available from February 1, at $1.65 each.

On January 13, the airport bought a 24.55 percent stake in Cairns and Mackay airports in Queensland. The company had used its existing debt facilities to pay for the purchase, it said.

Auckland Airport chairman Tony Frankham said today the company's credit rating and outlook were unaffected by the acquisition.

"The acquisition of a stake in the North Queensland airports is a significant milestone for Auckland Airport as part of our strategy to grow beyond our core business in Auckland and opens up exciting new opportunities to access higher growth international passenger markets. The offer allows Auckland Airport to carry out the acquisition and at the same time maintain its credit rating," he said.

The offer announced today was underwritten by Credit Suisse (Australia) Limited and First NZ Capital Securities Limited.