Chorus raises €400m in new debt issuance, refinancing existing notes

Chorus Limited today announced the pricing of a 7-year issue of €400 million notes under its existing Euro Medium Term Note (EMTN) programme. These notes, carrying a fixed coupon of 3.529% per annum, are set to mature on November 26, 2032, and were offered exclusively to institutional investors. The proceeds will primarily refinance existing €300m 0.875% notes due on December 5, 2026, with a tender offer for these notes currently underway.

The company's chief operating officer, Drew Davies, highlighted the importance of European investor support for fibre broadband infrastructure. The new notes, scheduled for issuance on November 26, 2025, will be fully swapped to NZD 821.7 million and an application will be made to quote them on the ASX. Citigroup Global Markets New Zealand Limited, HSBC Bank plc, and MUFG Securities Asia Limited served as joint lead managers for the transaction.

This strategic move aligns with Chorus's objective to become a simplified all-fibre business, aiming for 80% uptake by 2030, enhancing connectivity and future potential.