Chorus considers up to NZD 170m capital notes offer

Chorus Limited (NZX:CNU) is evaluating a potential offer of up to NZD 170 million in Capital Notes to New Zealand investors. The notes are unsecured, subordinated, redeemable, cumulative, and interest-bearing. Full offer details are expected later this week, with the offer anticipated to open the week of May 19, 2025. S&P Global Ratings is expected to assign a BB+ credit rating, two notches below Chorus's issuer credit rating, while Moody's anticipates a Baa3 rating, one notch below. Forsyth Barr Limited and Bank of New Zealand have been appointed as Joint Lead Managers. Investors can register their interest through the Joint Lead Managers or their financial advisor. The offering will comply with the Financial Markets Conduct Act 2013, and application will be made to NZX for quotation on the NZX Debt Market upon completion.