Chorus (ASX:CNU) revised the indicative initial margin range for its capital notes offer of up to NZ$170 million to be between 2.05% per annum and 2.15% per annum, according to Tuesday filings with the Australian and New Zealand bourses.
The minimum initial interest rate remains 5.5% per annum.
It also set the indicative initial margin range for the capital notes and the minimum initial interest rate that will apply until the first reset date of June 6, 2031.
The actual initial margin and the interest rate that will apply until the first reset date will be determined on the rate set date of May 29, following the bookbuild process.
The firm said that it is making an offer of up to NZ$170 million of unsecured, subordinated, redeemable, cumulative, interest-bearing capital notes to investors in New Zealand.
The Bank of New Zealand is acting as the joint lead manager, with Forsyth Barr as the arranger and joint lead manager.
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