Channel Infrastructure NZ Limited is offering up to $75 million in fixed-rate bonds to investors in New Zealand and institutional investors.
The offer is open from October 30 to November 3, 2023.
The interest rate will be determined based on the underlying swap rate plus an issue margin, with a minimum rate of 6.75% per annum.
The actual issue margin will be set after a bookbuild process.
Channel Infrastructure plans to redeem its subordinated notes if the offer is successful.
Subordinated noteholders may be able to exchange their notes for bonds on a one-for-one basis.
The exchange mechanism will only be available to custodial subordinated noteholders who receive an allocation of bonds and have agreed to the exchange.
Any exchanged subordinated notes purchased by Channel Infrastructure will be cancelled.
Trading of the subordinated notes will be halted from November 6 to November 15, 2023.
The bonds will be quoted on the NZX Debt Market under the ticker code CHI030.
The offer is being made under the Financial Markets Conduct Act 2013.
Interested investors can contact the Joint Lead Managers or their financial advice provider for more information.
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