Chorus considers retail bond offer

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz





STOCK EXCHANGE ANNOUNCEMENT

5 November 2018


Chorus considers retail bond offer

Chorus is considering making an offer of up to NZ$300,000,000 (with the ability to accept
oversubscriptions at Chorus’ discretion) of ten year unsecured, unsubordinated, re-setting
fixed rate bonds (Bonds) to institutional investors and New Zealand retail investors.
The Bonds will have an interest rate which will be initially set for a five year term and then
re-set for a further period of five years. The offer is expected to open the week of 12
November 2018 and full details will be available then.
Chorus has appointed ANZ Bank New Zealand Limited as the Arranger and a Joint Lead
Manager and Bank of New Zealand, Deutsche Craigs Limited, Forsyth Barr Limited and
Hobson Wealth Partners Limited as Joint Lead Managers in relation to the Bond offer.
Investors can register their interest in the offer by contacting a Joint Lead Manager as
detailed below, or their financial advisor. Indications of interest will not constitute an
obligation or commitment of any kind.
No money is currently being sought and applications for the Bonds cannot currently be
made. If Chorus offers the Bonds, the offer will be made 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.

Joint Lead Managers





0800 269 476 0800 284 017 0800 226 263



0800 367 227 0800 742 737

ENDS



For further information:

Nathan Beaumont
Stakeholder Communications Manager
Phone: +64 4 896 4352
Mobile: +64 (21) 243 8412
Email: Nathan.Beaumont@chorus.co.nz

Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: brett.jackson@chorus.co.nz

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Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz




CHORUS RETAIL BOND OFFER

5 November 2018

Chorus considers retail bond offer

Dear Chorus investor,

As an existing investor in Chorus Limited (Chorus), we’re pleased to make you aware of a
potential upcoming investment opportunity involving Chorus.

We’ve announced today that Chorus is considering a new bond offer to New Zealand
institutional and retail investors, as well as certain overseas institutional investors.

This proposed offer reflects our ongoing intention to better align Chorus’ funding sources
with the long term nature of our infrastructure assets.

The offer is expected to be for up to NZ$300 million, with the ability to accept
oversubscriptions at Chorus’ discretion, of ten year unsecured, unsubordinated, re-setting
fixed rate bonds. The bonds will have an interest rate which will be initially set for a five
year term and then re-set for a further period of five years.

The offer is expected to open the week of 12 November 2018 and full details will be available
then.

You can register your interest in participating in the offer by contacting a Joint Lead
Manager, as detailed below, or your financial adviser. Indications of interest will not
constitute an obligation or commitment of any kind to acquire the bonds.

Joint Lead Managers





0800 269 476 0800 284 017 0800 226 263



0800 367 227 0800 742 737

No money is currently being sought and applications for the bonds cannot currently be
made. If Chorus offers the bonds, the offer will be made 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.
As you may have seen from our recent quarterly connections update to the end of
September, fibre demand continues to grow with uptake reaching 50% across the areas
where we have completed our network rollout. This is substantially higher than our
original contractual target of achieving 20% uptake by 2020. The strength of fibre
demand, underpinned by New Zealanders’ ever increasing demand for bandwidth and the
widespread adoption of video streaming services, continues to reinforce our view that
broadband has become the fourth utility.

We thank you for your continued support.


Yours sincerely

Kate McKenzie (CEO)


For investor enquiries:
Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: brett.jackson@chorus.co.nz