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Chorus offers bonds with minimum 4.1% rate

Chorus has announced an offer of five-year unsecured, unsubordinated fixed-rate bonds.

Monday, 11 April 2016

The offer will be available to institutional investors and New Zealand retail investors.

Up to $300 million is on offer with another $100 million available in oversubscriptions.

The bonds will mature in 2021.

They will pay a rate equal to the swap rate plus a margin of 1.6% to 1.8%, subject to a minimum rate of 4.1%.

The bookbuild is scheduled for Wednesday.

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Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.40 0.41 0.42
ASB Bank 0.55 0.59 0.56
ASB Bank 0.60 0.61 0.64
ASB Bank 0.65 0.66 0.69
ASB Bank 0.70 0.72 0.75
BNZ 0.10 0.10 0.10
Heartland Bank 2.25 2.59 2.70
Kiwibank 0.75 0.77 0.88
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Nelson Building Society 3.75 3.90 4.08
RaboDirect 1.50 1.55 1.62
SBS Bank 1.80 1.86 1.94
TSB Bank 1.60 1.64 1.71
Westpac 0.35 0.36 0.38
Westpac 0.05 0.05 0.05
Westpac 2.60 2.67 2.79

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