Telco Chorus tees up investor meets for debt deal; three banks hired
Dual listed telecommunications business Chorus Limited has mandated ANZ, Citi, and Westpac to drum up interest in a potential seven-year medium term note.
Chorus is the biggest fixed line communications infrastructure business in New Zealand.
A message sent to potential backers on Monday morning said Chorus and its bank syndicate would kick off investor meetings on Tuesday. The goal would be to firm up interest in an Aussie-dollar seven-year debt note that would be fixed rate and rank as senior unsecured debt in Chorus’s capital structure, the note said.
The expected deal size was not included in the message, with the joint lead managers telling investors to expect a “benchmark” transaction.
The Kiwi telco business is listed in New Zealand and Australia. It has the largest fixed line communications infrastructure business in its country and is a wholesale-only network operator, providing fixed line and mobile network services to retail service providers. It is rated Baa2 (Stable) by Moody’s and BBB (Stable) by S&P.
More to come
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