Chorus prices €400m notes for refinancing, growth

Chorus has priced a seven-year issue of €400 million notes under its existing Euro Medium Term Note (EMTN) program, carrying a fixed coupon of 3.529% per annum and maturing on November 26, 2032. The transaction, open to institutional investors, will see the new notes issued on November 26, 2025.

The proceeds from these new notes will be used to refinance existing €300m 0.875% notes due on December 5, 2026, and for other general corporate purposes. A tender offer for the 2026 notes is currently underway, with results expected on November 26, 2025.

Chorus aims to become a simplified all-fiber business with 80% uptake by 2030, leveraging strong support from European investors and the socio-economic benefits of fiber broadband infrastructure. Citigroup Global Markets New Zealand Limited, HSBC Bank plc, and MUFG Securities Asia Limited served as joint lead managers for the transaction.