Chorus (ASX:CNU, NZE:CNU) set the initial interest rate for its capital notes offer of up to NZ$170 million at 5.9% per annum, according to a Thursday filing with the Australian and New Zealand bourses.

The rate will apply until the first reset date of June 6, 2031, the filing said.

The notes are expected to be issued on June 6 and quoted on the New Zealand debt market on June 9, the filing added.

The company's Australian and Kiwi shares each fell nearly 1% in recent Thursday trade.