Chorus revises indicative Issue Margin for retail bonds

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

Email: company.secretary@chorus.co.nz





STOCK EXCHANGE ANNOUNCEMENT

20 November 2020


Chorus revises indicative Issue Margin for retail bond offer

As announced on 17 November 2020, Chorus is offering up to NZ$200,000,000 (with the
ability to accept oversubscriptions at Chorus’s discretion) of unsecured, unsubordinated,
fixed rate bonds (Bonds) to New Zealand retail and institutional investors and certain
offshore institutional investors across two Series of Bonds.
The bookbuild process remains underway. An update is set out below:
• Chorus confirms the maximum offer amount across both Series will be up to
NZ$400,000,000.
• Chorus confirms that it is proceeding with a dual Series offer of no less than
NZ$100,000,000 in each tranche.
• Chorus has revised the indicative Issue Margin ranges for the:
o 2027 Bonds to be 1.40% to 1.45% per annum; and
o 2030 Bonds to be 1.70% to 1.75% per annum.
Full details of the Offer (subject to the updates above) are contained in the Indicative
Terms Sheet which was attached to the launch announcement on 17 November 2020. The
Offer is being made pursuant to the Financial Markets Conduct Act 2013 as an offer of
debt securities of the same class as existing quoted debt securities.
An announcement of the actual Issue Margin (which may be above or below the revised
indicative Issue Margin ranges) and Interest Rate on the Bonds will be made following the
bookbuild on 20 November 2020.
For further details interested investors should contact the Joint Lead Managers (details
below) or their usual financial adviser.
Unless the context requires otherwise, capitalised terms used in this announcement have
the meaning given to them in the Indicative Terms Sheet.

For further information please contact:

Joint Lead Managers





0800 269 476

0800 226 263



0800 367 227 0800 942 822

Authorised by:

David Collins
Chief Financial Officer

ENDS



For further information:

Steve Pettigrew
Head of External Communications
Mobile: +64 (27) 258 6257
Email: Steve.Pettigrew@chorus.co.nz

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