Chorus (ASX:CNU,NZE:CNU) said it will offer unsecured, subordinated, interest-bearing capital notes of up to NZ$170 million, according to a Friday filing with the New Zealand bourse.
The notes carry a term of 31 years and will mature on June 3, 2056, unless redeemed earlier.
The interest rate on the notes will be the greater of the six-year benchmark rate on the rate set date, May 22, plus an initial margin, or the minimum initial interest rate.
The offer will open on May 19 and close on May 22, with the issue date set for June 3.
Chorus will be the sole issuer and obligor of the capital notes, which are not guaranteed by any other party and the company intends to list the notes on the New Zealand debt market.
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