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New $400M-plus bond offers from Chorus and Fonterra

New bond offers totalling $400M-plus from Chorus and Fonterra

By Pattrick Smellie

Nov. 5 (BusinessDesk) - New institutional and retail bond offerings totalling $400 million-plus have been signalled from telecommunications network operator Chorus and Fonterra.

Chorus said it's contemplating a $300 million, 10-year offer for institutional and retail investors, while Fonterra is considering a $100 million, seven-year retail bond offer. Both would also be open for over-subscription, at directors' discretion in Chorus's case, and of up to $50 million for Fonterra.

Arranged by ANZ Bank and jointly lead managed by ANZ, BNZ, Deutsche Craigs, Forsyth Barr and Hobson Wealth Partners, the Chorus bonds will carry an initial interest rate for five years and then be reset for a further five. The bonds will be tradeable on the NZX debt market and the offer is expected to open on Nov. 12.

Fonterra's senior, fixed-rate bonds are expected to mature in November 2025, with proceeds used for general corporate purposes, and will be tradeable on the NZX debt market. ANZ and Commonwealth Bank of Australia have been appointed as joint lead managers, with ANZ appointed as arranger.

No monies are yet being sought yet for either proposed offering.


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