Chorus Acknowledges New Zealand Government's Deal to Monetize Debt

MT Newswires Live

Aug 07

Chorus (ASX:CNU, NZE:CNU) acknowledged the New Zealand government's binding agreements to monetize the debt it holds in the company, according to a Friday filing with the Australian and New Zealand bourses.

In a same-day statement, the government said it decided for the early monetization of interest-free loans provided to Chorus between 2012 and 2023 rather than waiting until 2036 to be fully repaid.

The loans had a book value of NZ$642 million, and the transaction will deliver net proceeds to the Crown of about NZ$702 million, representing a gain over book value of NZ$60 million, New Zealand Finance Minister Nicola Willis said.

The Ultra-Fast Broadband securities are not ordinary shares and their early monetization will not change the ownership of Chorus. Settlement of the deal is expected this month.

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