NZX Announcement
12 May 2021

On 11 May 2021, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2031 (Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA's discretion.

Full details of the Bond offer are contained in the Series Notice which was attached to the launch announcement on 11 May 2021.

The bookbuild process is underway. An update is set out below.

Bookbuild orders

As at 9.10 am NZT in excess of NZ$900 million within the original indicative Margin range below (including NZ$100 million of Bonds reserved for subscription by LGFA and NZ$135 million trading interest from the Joint Lead Managers).

Indicative Margin

The indicative Margin range set out in the Series Notice was 0.35 – 0.38 per cent per annum. The indicative Margin range has now been revised to 0.35 – 0.36 per cent per annum.

Bookbuild orders at revised Indicative Margin and minimum issue size

As at 9.10 am NZT in excess of NZ$570 million within the revised indicative Margin range above (including NZ$100 million of Bonds reserved for subscription by LGFA and NZ$135 million trading interest from the Joint Lead Managers).

LGFA expects to issue at least NZ$600 million of Bonds (including NZ$100 million of Bonds reserved for subscription by LGFA).

Indicative Issuance Yield

Based on the revised indicative Margin, 2.317 – 2.327 per cent per annum.

Closing Date

Bids due by 2pm NZT, 12 May 2021.

ISIN

NZLGFDT017C3

Arranger and Joint Lead Manager

BNZ
Phone: 0800 284 017

Joint Lead Managers

ANZ
Phone: 0800 269 476

CBA
Phone: 0800 272 266

Westpac Banking Corporation
Phone: 0800 772 142

ENDS

For all investor relations and media queries, please contact:

Mark Butcher, Chief Executive
mark.butcher@lgfa.co.nz / 04 974 6744