Chorus confirms issue size, margin, interest rate

STOCK EXCHANGE ANNOUNCEMENT 23 November 2018 Chorus confirms issue size, margin, interest rate and closes its offer Chorus today announced that following strong investor demand for its issue of ten year unsecured, unsubordinated, re-setting fixed rate bonds (Bonds), it has set the issue size at NZ$500,000,000. This includes oversubscriptions of NZ$200,000,000, being an oversubscription of 66.67%. The Interest Rate for the Bonds for the first five year period has been set at 4.35% per annum, being the minimum Interest Rate for the Bonds. The Issue Margin has been set at 1.80% per annum. This Interest Rate will apply from (and including) the Issue Date to (but excluding) the Reset Date. The Interest Rate for the second five year period will be determined as the Issue Margin plus the Base Rate on the Reset Date (being 6 December 2023). Chorus will announce that Interest Rate via NZX on or shortly after the Reset Date. The Bonds are expected to be issued on 6 December 2018 and will mature on 6 December 2028. The Bonds are expected to be quoted on the NZX Debt Market under the ticker code CNU020. The full details of the offer are contained in the Final Terms Sheet which is attached. Unless the context requires otherwise, capitalised terms used in this announcement have the meaning given to them in the Final Terms Sheet. The funds raised will be used for general corporate purposes including, given the degree of oversubscriptions, paying down Chorus' existing bank facility and partially pre-funding repayment of its sterling Euro medium term notes. Joint Lead Managers: ANZ - 0800 269 476 BNZ - 0800 284 017 Deutsche Craigs - 0800 226 263 Forsyth Barr - 0800 367 227 Hobson Wealth Partners - 0800 742 737 ENDS For further information: Nathan Beaumont Stakeholder Communications Manager Phone: +64 4 896 4352 Mobile: +64 (21) 243 8412 Email: Nathan.Beaumont@chorus.co.nz Brett Jackson Investor Relations Manager Phone: +64 4 896 4039 Mobile: +64 (27) 488 7808 Email: Brett.Jackson@chorus.co.nz End CA:00327313 For:CNU Type:OFFER Time:2018-11-23 14:36:07