Investor presentation for intended retail bond offer

Spark Finance Limited
Spark City, 167 Victoria Street West, Private Bag 92028, Auckland, New Zealand




MARKET RELEASE – Monday, 4 March 2024
Investor presentation in relation to intended retail bond offer
As announced on 29 February 2024, Spark Finance Limited (SFL) is considering
making an offer (Offer) of up to NZ$250 million (with the ability to accept
oversubscriptions of up to an additional NZ$50 million at SFL’s discretion) of
unsecured, unsubordinated fixed rate bonds (the Bonds) in two separate series:
• the first series is expected to be a 5.5 year Bond maturing in September 2029;
and

• the second series is expected to be a 7.5 year Bond maturing in September
2031.
SFL intends to offer the Bonds to New Zealand retail and institutional investors and
certain overseas investors.
SFL is the company in the Spark New Zealand group that carries out the borrowing
activities for the group.
It is expected that full details of the offer will be released on 5 March 2024, when the
offer is expected to open, subject to market conditions. Attached to this
announcement is a copy of an investor presentation in relation to the intended offer.
Investors can register their interest in the offer by contacting the Joint Lead Managers
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 SFL 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
ANZ: 0800 269 476
CBA: 0800 272 266
Westpac: 0800 772 142

- ENDS –
Authorised by:
Chante Mueller
Head of Investor Relations & Insurance

Spark Finance Limited
Spark City, 167 Victoria Street West, Private Bag 92028, Auckland, New Zealand



For more information please contact:

For media queries:
Althea Lovell
Corporate Relations Lead Partner
(64) 21 222 2992
althea.lovell@spark.co.nz

For investor queries:
Chante Mueller
Head of Investor Relations & Insurance
(64) 27 469 3062
chante.mueller@spark.co.nz


About Spark
As New Zealand's largest telecommunications and digital services company, Spark’s purpose is to
help all of New Zealand win big in a digital world. Spark provides mobile, broadband, and digital
services to millions of New Zealanders and thousands of New Zealand businesses.
www.sparknz.co.nz

---

Spark Finance Limited
Intended Offer of
Bonds
Stefan Knight, Chief Financial Officer

Important Notice
This presentation contains the key terms of a proposed offer by Spark Finance Limited (“SFL”) for up to $250,000,000 (with the ability to accept oversubscriptions of up to
$50,000,000 at SFL’s discretion) of unsecured, unsubordinated fixed rate bonds ("Bonds") in two separate series.
No money is currently being sought and applications for the Bonds cannot currently be made. If SFL 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.
The proposed offer of Bonds by SFL, if made, will be made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (“FMCA”), and will
be an offer of two series of Bonds that each have identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as SFL’s (1) bonds maturing
on 7 March 2024 which have an interest rate of 3.37% and which are currently quoted on the NZX Debt Market under the ticker code SPF580; and (2) bonds maturing on 7
September 2026 which have an interest rate of 3.94% and which are currently quoted on the NZX Debt Market under the ticker code SPF570 (together the "Quoted Bonds").
Accordingly, the proposed Bonds will, if offered, be of the same class as the Quoted Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014.
SFL is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (“NZX”) for the purpose of that information being made available to
participants in the market. That information can be found by visiting https://www.nzx.com/companies/SPF.
The Quoted Bonds are the only debt securities of SFL that are currently quoted and in the same class as the proposed Bonds.
Investors should look to the market price of the Quoted Bonds referred to above to find out how the market assesses the returns and risk premium for those bonds.

Disclaimer
This presentation may include forward-looking statements regarding future events and the future financial performance of Spark New Zealand Limited (“Spark New Zealand”). Such forward-looking
statements are based on the beliefs of and assumptions made by management along with information currently available at the time such statements were made.
These forward-looking statements may be identified by words such as ‘guidance’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘plan’, ‘may’, ‘could’, ‘ambition’, ‘aspiration’ and similar
expressions. Any statements in this presentation that are not historical facts are forward-looking statements. These forward-looking statements are not guarantees or predictions of future performance,
and involve known and unknown risks, uncertainties and other factors, many of which are beyond Spark New Zealand’s control, and which may cause actual results to differ materially from those projected
in the forward-looking statements contained in this presentation.
Factors that could cause actual results or performance to differ materially from those expressed or implied in the forward-looking statements are discussed herein and also include Spark New Zealand's
anticipated growth strategies, Spark New Zealand's future results of operations and financial condition, economic conditions and the regulatory environment in New Zealand, competition in the markets in
which Spark New Zealand operates, risks related to the sharing arrangements with Chorus, any impacts or risks to Spark’s anticipated growth strategies, future financial condition and operations, economic
conditions or the regulatory environment in New Zealand arising from or otherwise with Covid, other factors or trends affecting the telecommunications industry generally and Spark New Zealand’s
financial condition in particular and risks detailed in Spark New Zealand's filings with NZX and ASX. Except as required by law or the listing rules of the stock exchanges on which Spark New Zealand is listed,
Spark New Zealand undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
The information in this presentation was prepared by Spark New Zealand with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or reliability of the information. In addition, to the maximum extent permitted by the law, neither Spark New Zealand, SFL nor any of their
directors, employees, shareholders, agents, advisers nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
The information contained in this presentation should be considered in conjunction with the financial statements for Spark New Zealand and SFL, which are available at https://investors.sparknz.co.nz.
All currency amounts are in New Zealand dollars unless stated otherwise.
The Arranger,the Joint Lead Managers (such party details are defined in the “Details of the intended offer” section of this presentation) and their respective directors, officers, employees and agents:
a.have not authorised or caused the issue of, or made any statement in, any part of this presentation;
b.do not make any representation, recommendation or warranty, express or implied regarding the origin, validity, accuracy, adequacy, reasonableness or completeness of, or any errors or
omissions in, any information, statement or opinion contained in this presentation; and
c.to the extent permitted by law, do not accept any responsibility or liability for this presentation or for any loss arising from this presentation or its contents or otherwise arising in connection
with theproposedoffer of Bonds.
This presentation does not constitute financial advice or a recommendation from the Arranger,any Joint Lead Manager or any of their respective directors, officers, employees, agents or advisers to
purchase, anyproposedBonds.
You must make your own independent investigation and assessment of the financial condition and affairs of the Issuer before deciding whether or not to invest in theproposedBonds.

Spark Overview

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5
Spark New Zealand | Copyright ©
2024
Spark at a glance
98%
of New Zealanders
reached by our
4G network
99%
of the population
reached by our Internet
of Things network
63
retail stores
24
regional business hubs
+2.7m
mobile connections
~700k
broadband connections
~1.8m
Internet of Things
connections
~5.5k
New Zealand
employees

SPK-26 Strategy

Dual focus on
resilience
and
growth

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8
Spark New Zealand | Copyright ©
2024
Strategy Update
SPK-26

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9
Spark New Zealand | Copyright ©
2024
Building on the strength of Spark’s core connectivity assets, data centre and 5G Standalone investments will underpin ongoing
competitive advantage
Digital Infrastructure Growth Investments
Digital infrastructure and new technology investments
underpin products and services
Product and service density creates customer and channel
scale, which supports lowest cost structure and provides
rich data sets
This supports improved, personalised customer
experiences, and attracts global partners who need local
channels to market
This supports growth, and reinvestment back
into digital infrastructure and new technologies, which are
then commercialised into new products and service

High-tech Roadmap
Growing returns in mature markets while building growth markets of the future
IoT
•~1.8m connections
•Established and growing –
26.9% revenue CAGR FY21-FY23
DIGITAL HEALTH
•Scale IT provider
•Established and growing –
12.3% revenue CAGR FY21-FY23
CONVERGED TECH
•Solution in market with MPI, AI and computer
vision proof-of-concepts in customer trials
5G STANDALONE
•$40-$60m investment FY24-26, enabling
MAEC
(1)
, network slicing, private networks
M AT T R
•Digital identity market forming
•Reached commercialisation in FY22
•Global customer base
Rapid scale, expansion into new sectors, and
moving up the value chain into high-tech
or converged solutions
Successful implementation of proof-of-
concepts to identify commercialisation
opportunities for future scale
MATURE
EMERGING
NEW
EXISTING
NEW
TECH
MARKETS
Creating a new market for high growth
SaaS-based annuity revenues
AMBITION
(1)
Multi-Access Edge Computing
SATELLITE
•Te x t-to-mobile trials underway with Lynk
Global, with first satellite text message sent
on Spark’s network in November
•Starlink business-grade satellite broadband
solution in market for business customers

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Spark New Zealand | Copyright ©
2024
Data Centre Growth Ambition
Growth
Ambition
Three large-scale Auckland locations: Takanini, Aotea, and North Shore, supported by
regional data centres across the country
Competitive
advantages
Existing
Portfolio and
Capabilities
New Zealand’s most extensivenetwork of data centres, combined with
technical, engineering, security, and infrastructure capabilities
Available
Capacity
Potential long-term capacity incrementally increasing to ~90MW
North Shore site acquisition to add up to ~40MW capacity once completed
Hyperscaler
Relationships
Established relationships with hyperscalers as both resale partners and
customers with committed long-term tenancies at key sites
Complementary
Core Business
Spark is uniquely positioned to add value at the connectivity layer
(international subsea, national, and metro fibre services), across the
product layer (IT and cloud), and as a sales channel to market
Diversity
of Assets
Diversity of data centre assets a key differentiator, enabling Spark to
meet a very broad range of customer requirements
* All investment decisions subject to capital management framework, investment principles, and customer demand
Exponential growth in data, continued migration to the cloud, and the advent of
generative AI boosting demand for data centre capacity
Supportive
tailwinds
•Growing revenue at pace through long-term annuity revenues and scaled contracts
•Ability to cross-sell other services as customers migrate to the cloud
•Targeting returns of ~9-10% over time as utilisation scales
•Optionality exists around partnerships and funding models
Value
creation
Data centre investments accelerating in line with strategic ambition

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Spark New Zealand | Copyright ©
2024
Data Centre Portfolio Overview
FACILITYSTATUSSITE CAPACITY (MW)
Auckland – Takanini CampusBuilt12.3
Auckland – Aotea CampusBuilt2.9
Other sitesBuilt7.1
TOTAL CAPACITY BUILT22.3
Auckland - Aotea CampusUnder construction1.0
TOTAL CAPACITY UNDER CONSTRUCTION1.0
Auckland - North Shore CampusDevelopment pipeline40.0
Auckland - Takanini CampusDevelopment pipeline15.0
Auckland - Aotea CampusDevelopment pipeline15.0
TOTAL DEVELOPMENT PIPELINE (UP TO)70.0
TOTAL POTENTIAL CAPACITY93.3
0
20
40
60
80
100
H1 FY22H1 FY23H1 FY24
Capacity builtUnder ConstructionDevelopment pipeline
DATA CENTRE SITE CAPACITY (MW)
Total built capacity at 88% contracted utilisation and significant pipeline of potential development opportunities available

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Spark New Zealand | Copyright ©
2024
DIGITAL
EQUITY
Over 29,000 households now utilising
not-for-profit wireless broadband
service Skinny Jump
Extended online protections for Spark
customers through an MoU with the DIA
to block internet domains that contain
child sexual abuse material
$1 million investment by Spark Foundation
in newly formed national organisation for
Māori in technology, Te Ao Matihiko
Continued ESG progress secured ongoing inclusion in the Dow Jones Sustainability Australia Index (DJSI)
Toitū Sustainability Performance
SUSTAINABLE
S PA R K
People engagement up 3pp YoY and
progressing towards FY26 ambition
FY24 H1 Scope 1 and 2 greenhouse gas
emissions down 8% compared to H1 FY23
Completed 2023 commitment to
undertake five JAC
(1)
supplier audits
ECONOMIC
TRANSFORMATION
5G live in 95 locations across the country,
with nationwide 5G standalone roll-out
progressing to plan
Research collaboration with NZIER
launched, demonstrating how advanced
technologies can accelerate productivity
Trials underway with customers on high-
tech solutions that improve productivity,
health and safety, and sustainability
(1)
Joint Audit Cooperation

H1 FY24 Results Overview

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15
Spark New Zealand | Copyright ©
2024
Market momentum and cost control underpinning adjusted revenue and EBITDAI growth in challenging environment
H1 FY24 Results Summary
To p-line growth
(1)
in challenging economic environment
•Delivered adjusted revenue growth of 1.3% to $1,976 million, reflecting strength of market positions
•In telco, mobile remains central to growth, with service revenue up 6.3%, while broadband revenue and share remained broadly stable
•In digital services, cloud is back in growth, while total IT revenues were flat and digital health revenues down, primarily due to lower public sector demand
•Data centres revenue up as Takanini expansion came online, and high-tech growth driven by strong IoT performance
•Cost discipline held operating expenses broadly flat, supporting adjusted EBITDAI growth of 3.9% to $530 million
•Adjusted NPAT decreased 4.8% to $157 million due to higher average interest rates on debt and higher interest payments on Connexa leases, with second half
improvement expected in line with stronger H2 EBITDAI
(2)
•Larger share of capital investment in H1 to gain a fast start on strategy and implement upgrade programmes resulting in lower fr ee cash flow. Remain
committed to FY24 capex guidance and FCF aspiration of ~$490-$530 million
SPK-26 strategy on track, with growth investments progressing to plan
•Data centre growth strategy accelerating with conditional agreement to purchase land within new development on Auckland’s North Shore, and intent to
develop an initial 10MW hyperscale data centre campus on the site, with the option for further expansion
•Broader digital infrastructure investments progressing to plan, with 5G now in 95 locations and 5G core build on track
•Business fundamentals healthy and growing – customer satisfaction up 5 points, people engagement up 3 percentage points, and maintained position in Dow
Jones Sustainability Australia Index
Continue to deliver shareholder returns
•Continue to deliver shareholder returns with $305 million returned to shareholders via on-market share buy-back to date, a H1 FY24 dividend of 13.5 cps 100%
imputed declared, and total FY24 dividend of 27.5 cps 100% imputed reaffirmed in line with guidance
(1)
H1 FY23 EBITDAI is adjusted for the impact of the TowerCo gain on sale of $584m included in revenue and the Spark Sport provision of $52m included in operating expenses. Net EBITDAI impact of $532m. NPAT is further adjusted for the tax effect of the net gain on
sale of the TowerCo transaction and the Spark Sport provision totalling $168m
(2)
In line with FY24 guidance

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Spark New Zealand | Copyright ©
2024
$530m
3.9% increase vs. adjusted H1 FY23
ADJUSTED EBITDAI
(2)(3)
$46m
60% decrease vs. H1 FY23
FREE CASH FLOW
$157m
4.8% decrease vs. adjusted H1 FY23
ADJUSTED NPAT
(2)(4)
13.5c
H1 FY24 dividend
TOTAL FY24 DIVIDEND OF 27.5cps
H1 FY24 Financial Snapshot
$1,976m
1.3% increase vs. adjusted H1 FY23
ADJUSTED REVENUE
(1)(2)
$286m
14.4% increase vs. H1 FY23
CAPEX
(3)
$530m
49.1% decrease vs. reported H1 FY23
REPORTED EBITDAI
(3)
$157m
81.8% decrease vs. reported H1 FY23
REPORTED NPAT
(4)
SPK-26 strategy delivering adjusted revenue and EBITDAI growth
(1)
Operating revenues and other gains
(2)
H1 FY23 EBITDAI is adjusted for the impact of the TowerCo gain on sale of $584m included in revenue and the Spark Sport provision of $52m included in operating expenses. Net EBITDAI impact of $532m. NPAT is further adjusted for the tax effect of the net gain on sale
of the TowerCo transaction and the Spark Sport provision totalling $168m
(3)
Earnings before finance income and expense, income tax, depreciation, amortisation and net investment income (EBITDAI) and capital expenditure (CAPEX) are non-Generally Accepted Accounting Principles (non-GAAP) performance measures that are defined in note
2.5 of Spark’s Annual Report
(4)
H1 FY23 reported NPAT is restated for the final tax calculation on the sale of Connexa Limited as described in note 2 of the Spark New Zealand Limited Interim Financial Statements
$1,976m
22.0% decrease vs. reported H1 FY23
REPORTED REVENUE
(1)
0.5c increase vs. FY23

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17
Spark New Zealand | Copyright ©
2024
$510m
6.3% increase vs. H1 FY23
MOBILE SERVICE REVENUE
Service revenue and pay-monthly
ARPU growth driven by price
increases, connection growth, and
roaming revenues tracking above
pre-Covid levels
#1 in mobile market share by service
revenue and total connections
(1)
Brand strength and data driven
marketing continues to drive
differentiation with Spark capturing
47% of total mobile connection
growth in the half
(1)
$309m
1.3% decrease vs. H1 FY23
BROADBAND REVENUE
Revenue held broadly flat despite high
levels of price competition in an
inflationary environment
Margins maintained as input cost
increases passed through alongside
growth in wireless broadband and
successful BYOD modem campaign
~31% of base now on wireless
broadband with ongoing mobile
network investment increasing
addressable market
Telco Market Performance
Strong mobile growth and stability in broadband continues
BROADBAND CONNECTION
MARKET SHARE
(2)
(1)
Market share estimates sourced from IDC as at 31 December 2023
(2)
Market share estimates sourced from IDC as at 30 September 2023
44%
35%
21%
0%
SparkOne2DegreesMVNO
35%
20%
20%
8%
4%
13%
SparkOne2DegreesTrustpowerContact EnergyRest of market
MOBILE SERVICE REVENUE
MARKET SHARE
(1)

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Spark New Zealand | Copyright ©
2024
Stabilisation in IT and growth in data centres and high-tech
Digital Services Market Performance
$345m
flat vs. H1 FY23
TOTAL IT
Cloud revenue up 3.8%, driven by
increased private and public cloud
workloads and launch of new
hybrid cloud service CloudIQ
Cloud gross margin improved 7.6%
with cost base reset. Further
benefits to flow through in H2
IT service management revenue
down 10.0%, primarily due to
lower public sector demand.
Focus on ServiceFlex
(1)
proposition continues in H2
$35m
12.9% increase vs. H1 FY23
TOTAL HIGH-TECH
IoT continues to see strong
revenue growth underpinned by
significant connectivity growth
M AT T Rcustomersmovinginto
production environments, laying
the foundation for future growth
Converged technology proof-of-
concepts underway with multiple
customers, to identify future
commercialisation opportunities
⎼
$18m
Up 38.5% vs. H1 FY23
DATA CENTRES
Data centre investment and
expansion on track with plans
for new Auckland North Shore
development announced
Takanini 10MW expansion
completed in August 2023 with
revenue stream now billing.
1MW Aotea campus expansion
due to complete by end of
calendar year
Further expansion at Takanini
campus with additional 5MW
currently under design
(2)
(1)
ServiceFlex is a newmodular Service Management offering that provides flexibility for clients to consume new functionality as needed and delivers a more automated lower-touch service experience
(2)
Planned Takanini investment to be funded within previously communicated TowerCo proceeds allocation of $250m-$300m
$42m
Down 8.7% H1 FY23
DIGITAL HEALTH
Revenues impacted by public
health sector slowdown
Focus on growing new revenue
streams through further
expansion into the private sector
New app bundle proposition for
both public and private sectors
in development with partners

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Spark New Zealand | Copyright ©
2024
Increase in net debt as TowerCo proceeds are returned to shareholders and growth capex is invested
Net Debt
Increase in debt levels and interest rates reflecting:
•On-market share buy-back returning $305m of To w e r C oproceeds to shareholders to
date;
•Higher weighting of cash capex invested in H1; and
•Increase in working capital
Net debt expected to reduce below 1.7x in H2 consistent with long-term Capital
Management Framework:
•Completion of on-market buy-back
(1)
;
•H2 cash capex to reduce with full year spend in line with guidance; and
•Improvement in working capital
•In 2023 a NZ$100m bond matured. Spark’s next long-term maturity isa NZ$125m
bond maturing in March 2024 (SPF 580)
•Spark is considering making an offer of up to NZ$250m
(2)
of unsecured,
unsubordinated fixed rate bonds via its wholly owned subsidiary Spark Finance
•If Spark Finance offers these bonds, it is expected that full details of the offer will be
released on 5 March 2024
(1)(3)(4)
Net Debt
H1 FY23
($m)
H1 FY24
($m)
Net debt at hedged rates$798$1,557
Net debt at hedged rates including lease
liabilities
$1,645$2,359
Debt Ratios
Borrowing costs (annualised)4.3%5.9%
Weighted average debt maturity (years)4.33.2
Debt servicing
(5)
1.29x1.79x
Gearing44%59%
Interest cover1610
(1)
Subject to market conditions
(2)
With the ability to accept oversubscriptions of up to NZ$50m at Spark’s discretion
(3)
No money is currently being sought and applications for the bonds cannot currently be made. If Spark Finance 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
(4)
The bonds are expected to be quoted on the NZX Debt Market
(5)
Debt servicing is calculated as (Net debt at hedge rates+ Lease liabilities - captive finance adjustments)/(Adjusted EBITDAI - captive finance adjustments) which Spark estimates aligns to S&P’s credit rating calculation

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2024
Spark is well positioned to build further momentum as economic conditions improve
Key takeouts for H2
Emerging signs of economic conditions improving, with ongoing demand for data supporting core growth engine of mobile
SPK-26 on track, with key digital infrastructure investments accelerating and building a platform for future growth
Strong business fundamentals in brand and data, customer experience, people, and sustainability continue to support competitive advantage
1
2
3
4
1
2
3
4
5
SPK-26 Operate Programme to deliver more efficient operating model, with benefits starting to flow through in H2
Reaffirmed FY24 EBITDAI, capital expenditure, and total dividend guidance

Capital Structure

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Spark New Zealand | Copyright ©
2024
Capital Management Policy
1
2
3
Strategic alignment
NPV positive
ROI greater than
Spark’s hurdle rate
in years 3-5
Key principles for
investing in growth
Maximising
shareholder
value
•Growing dividends via growth in earnings and sustainable free cash flow
(1)
•Dividend Policy: pay-out ratio of ~80%-100% of free cash flow on a long
run basis with annual guidance expressed on a cents per share basis
•Returning excess capital to shareholders using capital management
options (e.g. on-market buybacks, special dividends)
Investing
for growth
•Investing to sustain and grow the business organically
•Investing for growth via mergers and acquisitions that are EPS accretive
over time
Maintaining
financial strength and
flexibility
•Committed to maintaining an appropriate investment grade credit rating
(1)
FCF defined as EBITDAI less tax paid, interest paid, maintenance capex (pre growth and spectrum capex), lease payments and pre any movements in working capital.
(2)
Excluding any spectrum purchases and renewals
Capital Management Framework
Long run capex to
revenue ~10%-11%
(2)

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Spark New Zealand | Copyright ©
2024
Debt profile
(1)
Sources of long-term debt at face value excludes NZ$125m bond maturing 7 March 2024 and a NZ$100m committed revolving bank facility maturing in November 2024
(2)
With the ability to accept oversubscriptions of up to NZ$50m at Spark’s discretion
Proposed new issue will further diversify Spark’s debt profile and reduce reliance on short term funding
The proposed new issue of up to NZ$250m
(2)
of unsecured, unsubordinated
fixed rate bonds reduces reliance on short-term funding and smooths Spark’s
overall maturity profile
Spark manages funding risk by spreading maturities to avoid material funding
requirements in any 12-month period
Next long-term funding maturities:
•NZ$125m bond maturing 7 March 2024 (SPF 580);
•NZ$100m committed revolving bank facility maturing in November 2024;
•AU$100m bond maturing on 5 June 2026; and
•NZ$125m bond maturing 7September 2026 (SPF 570)
25%
17%
43%
15%
Sources of long term debt as at 31 December 2023
(1)
Bank FundingDomestic BondsOffshore BondsStandby

Details of the Intended Offer

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Spark New Zealand | Copyright ©
2024
Details of the intended offer
IssuerSpark Finance Limited (“S F L”)
DescriptionUnsecured, unsubordinated, fixed rate bonds
Guarantee
The Bonds will, if offered, be jointly and severally guaranteed by Spark New Zealand Limited and the other
Guaranteeing Group Members (as defined in the Trust Deed) on an unsecured basis
Credit Rating
Issuer credit rating A-(stable) (S&P Global Ratings)
Expected issue credit rating: A- (S&P Global Ratings)
Issue Amount
Up to NZ$250,000,000 (with the ability to accept oversubscriptions of up to NZ$50,000,000 at SFL's discretion) in
two separate series.
Term5.5 year7.5 year
Maturity DateSeptember 2029September 2031
Further DetailsExpected to be released on 5 March 2024
ArrangerANZ Bank New Zealand Limited
Joint Lead Managers
ANZ Bank New Zealand Limited, Commonwealth Bank of Australia (ABN 48 123 123 124) (acting through its New
Zealand branch) and Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)

Q&A