Chorus (ASX:CNU, NZE:CNU) is eyeing a NZ$170 million offer of unsecured, subordinated capital notes, with the potential launch slated for the week starting May 19, according to a Monday filing with the Australian and New Zealand bourses.
The notes, which bear cumulative interest, are expected to carry a BB+ rating from S&P and a Baa3 rating from Moody's, both below Chorus' issuer ratings, due to subordination and possible interest deferral, the filing said.
No funds are currently being solicited, and indications of interest will not constitute an obligation or commitment, the company said.
Shares of the company rose nearly 1% in recent Monday trade in New Zealand.
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