Updated timetable for Capital Notes offer

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

Email: company.secretary@chorus.co.nz




STOCK EXCHANGE ANNOUNCEMENT

21 May 2025

Updated timetable for Chorus Capital Notes Offer

On 9 May 2025, Chorus Limited (Chorus) announced an offer of up to $170 million of
unsecured, subordinated, redeemable, cumulative, interest-bearing capital notes (Capital
Notes) to investors in New Zealand (Offer).
On 19 May 2025, Chorus announced the Offer had been delayed, awaiting confirmation
from S&P Global Ratings (S&P) of its equity content treatment of the Capital Notes.
Chorus has now received confirmation from S&P and a replacement Product Disclosure
Statement (PDS) for the Offer is expected to be lodged this Friday, 23 May 2025,
including updated dates for offer open, rate set, offer close, interest payments, step-ups
and maturity, and confirmation of the credit ratings for the Capital Notes. After
lodgement, the replacement PDS will be available on the Disclose register at
www.disclose-register.companiesoffice.govt.nz (offer number OFR13938).
The Offer is now expected to open on 26 May 2025, and the indicative Initial Margin range
and the Minimum Initial Interest Rate will be announced on the same date. The Offer is
now expected to close on 29 May 2025, and the Initial Margin and the initial Interest Rate
will be announced on the same date.
The Capital Notes are now expected to be issued on 6 June 2025 and quoted on the NZX
Debt Market on 9 June 2025.
No money is currently being sought and no Capital Notes can be applied for or acquired
until the Offer opens. If the proposed Offer is made, it will be made in accordance with the
Financial Markets Conduct Act 2013.
Arranger and Joint Lead Manager
Forsyth Barr Limited: 0800 367 227

Joint Lead Manager
Bank of New Zealand: 09 924 9602

Authorised by:
Drew Davies
Chief Operating Officer

ENDS
For further information:

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

Nathan Beaumont
Head of Corporate Relations
Phone: +64 (4) 896 4352
Email. Nathan.Beaumont@chorus.co.nz