Chorus EMTN tender offer – results

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

Email: company.secretary@chorus.co.nz






STOCK EXCHANGE ANNOUNCEMENT

27 November 2025

Chorus tender offer - results

Please find attached an announcement regarding the results of Chorus’ Tender Offer for
the EUR 300,000,000 0.875% notes due 5 December 2026.

Authorised by:

Drew Davies
Chief Operating Officer

ENDS

For further information:

Andrew Hopkinson Treasurer
Mobile: +64 (27) 249 5678
Email: Andrew.Hopkinson@chorus.co.nz

Aleida White
Head of Investor Relations
Mobile: 64 (21) 155 8837
Email: Aleida.White@chorus.co.nz

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES
(EACH AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT")) OR IN ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
This announcement is not, does not form part of and should not be construed as an offer of
securities for sale in the United States or to any U.S. Person. Neither this announcement nor
any copy hereof may be taken into or distributed, directly or indirectly, in or into the United
States or to any U.S. Person. The securities and guarantee thereof referred to herein have not
been and will not be registered under the Securities Act or laws of any state of the United States
or other jurisdiction, and may not be offered or sold in the United States or to any U.S. Person
absent registration or an applicable exemption from the registration requirements of the
Securities Act. No public offering of securities will be made in the United States.
This announcement is for information purposes only and is not an offer to purchase and does
not constitute an invitation or solicitation to sell any securities. This announcement and the
Tender Offer Memorandum referred to herein distributed do not constitute an offer to
participate in the Tender Offer (as defined herein) in any jurisdiction in which, or to any person
to or from whom, it is unlawful to make such offer or Tender Offer or for there to be such
participation under applicable laws. The distribution of this announcement and the distribution
of the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons
into whose possession this announcement or the Tender Offer Memorandum comes are
required to inform themselves about and to observe any such restrictions. Please refer to "Offer
and Distribution Restrictions" in the Tender Offer Memorandum for further details.
27 November 2025
Chorus Limited
(incorporated with limited liability in New Zealand)

(the "Offeror")
Results of the Tender Offer by the Offeror to the Qualifying Holders of the outstanding
EUR 300,000,000 0.875 per cent. notes due 5 December 2026 (ISIN: XS2084759757) (the
"Notes") issued by the Offeror and guaranteed by Chorus New Zealand Limited
Reference is made to the announcement of the Offeror dated 11 November 2025 in relation to
the invitation by the Offeror to the Qualifying Holders to tender any and all Notes held by such
Qualifying Holders for purchase by the Offeror for cash (the "Tender Offer") on the terms and
subject to the conditions contained in the Tender Offer Memorandum dated 11 November 2025
(the "Tender Offer Memorandum"). Capitalised terms used but not otherwise defined in this
announcement shall have the meaning given to them in the Tender Offer Memorandum.
The Tender Offer expired at 4:00 p.m. (London time) on 25 November 2025 ("Expiration
Deadline").
The pricing of the Tender Offer took place at or around 10:00 a.m. (London time) on 26
November 2025. The results are as follows:

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Aggregate
principal amount
of Notes validly
tendered and
accepted for
purchase
Interpolated Mid-
Swap Rate Purchase Yield Purchase Price
Accrued
Interest
Payment
Aggregate
principal amount
of Notes that will
remain outstanding
after the
Settlement Date
EUR 243,452,000 2.135 per cent. 2.185 per cent. 98.694 per cent.

EUR 8.58 per
EUR 1,000
principal amount
of Notes
EUR 56,548,000

As at the Expiration Deadline, EUR 243,452,000 in aggregate principal amount of the Notes
have been validly tendered for purchase pursuant to the Tender Offer. Subject to the settlement
and issuance of the New Notes (as defined below) by the Offeror on or before the Settlement
Date, the Offeror has decided to accept all Notes validly tendered for purchase pursuant to the
Tender Offer.
On 24 November 2025, the Offeror, Chorus New Zealand Limited as the guarantor and
Citigroup Global Markets New Zealand Limited, HSBC Bank plc and MUFG Securities Asia
Limited as joint lead managers entered into a subscription agreement in connection with the
proposed issue of EUR 400,000,000 3.529 per cent. guaranteed notes due 2032 (the "New
Notes").
Subject to the settlement and issuance of the New Notes, the Settlement Date in respect of the
Notes validly tendered and accepted for purchase pursuant to the Tender Offer is expected to
be on or about 28 November 2025. Notes purchased by the Offeror pursuant to the Tender
Offer will be cancelled by the Offeror.
The Tender Offer Memorandum and any other relevant notice, documents, announcements and
press releases with respect to the Tender Offer will be available at
https://deals.is.kroll.com/chorus (the "Offer Website", operated by the Tender and Information
Agent for the purpose of the Tender Offer).
Citigroup Global Markets New Zealand Limited, HSBC Bank plc and MUFG Securities Asia
Limited are acting as Dealer Managers for the Tender Offer and Kroll Issuer Services Limited
is acting as Tender and Information Agent. For detailed terms of the Tender Offer please refer
to the Tender Offer Memorandum which (subject to distribution restrictions) can be obtained
from the Tender and Information Agent using the details below.

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CONTACT INFORMATION
Qualifying Holders who have questions regarding the Tender Offer, may contact the Tender
and Information Agent or the Dealer Managers.
DEALER MANAGERS
Citigroup Global Markets New Zealand
Limited
Citigroup Centre, Level 11,
23 Customs Street East, P.O. Box 3429
Auckland 1140, New Zealand

Attn: Liability Management Group
Tel: +44 20 7986 8969
Email: liabilitymanagement.europe@citi.com


HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom

Attn: Liability Management, DCM
Tel: +44 20 7992 6237 (London) /
+852 2914 8278 (Hong Kong)
Email: LM_EMEA@hsbc.com

MUFG Securities Asia Limited
9/F, AIA Central
1 Connaught Road Central
Hong Kong

Attn: Hybrid and Liability Management
Tel: +44 20 7577 1374
Email: Hybrids.LM@int.sc.mufg.jp


Requests for documents in relation to the Tender Offer should be directed to the Tender and
Information Agent.
THE TENDER AND INFORMATION AGENT
Kroll Issuer Services Limited

In London
The News Building
3 London Bridge Street
London SE1 9SG
United Kingdom

In Hong Kong
3rd Floor, Three Pacific Place
1 Queen's Road East
Admiralty
Hong Kong
Attn: Owen Morris / Mu-yen Lo
Tel: +44 20 7704 0880 / +852 2281 0114
Offer Website: https://deals.is.kroll.com/chorus
Email: chorus@is.kroll.com

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DISCLAIMER
This announcement must be read in conjunction with the Tender Offer Memorandum. This
announcement and the Tender Offer Memorandum contain important information which
should be read carefully before any decision is made with respect to the Tender Offer. If any
Qualifying Holder is in any doubt as to the action it should take, it is recommended to seek its
own financial advice, including as to any tax consequences, from its stockbroker, bank
manager, solicitor, accountant or other independent financial adviser.
Neither this announcement nor the Tender Offer Memorandum constitutes an invitation to
participate in the Tender Offer in or from any jurisdiction in or from which, or to or from any
person to or from whom, it is unlawful to make such invitation under applicable securities laws.
The distribution of this announcement and the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose possession this announcement or the
Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers
and the Tender and Information Agent to inform themselves about and to observe, any such
restrictions. Nothing in this announcement or in the Tender Offer Memorandum constitutes an
offer to sell or the solicitation of an offer to buy the New Notes in the United States or any
other jurisdiction.