NZX Announcement
21 August 2019
LGFA fixed rate bond offer: Bookbuild update 2
On 20 August 2019, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering NZ$350,000,000 unsecured, unsubordinated, fixed rate bonds with a maturity date of 20 April 2029 (Bonds) to institutional and New Zealand retail investors, with the ability to accept up to $200,000,000 of 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 20 August 2019.
The bookbuild process is underway.
An update is set out below:
Bookbuild orders
As at 8.00am NZT in excess of NZ$400,000,000 within the revised indicative Margin range below (including NZ$50,000,000 of Bonds reserved for subscription by LGFA and interest from the Joint Lead Managers)
Indicative Margin
The indicative Margin range set out in the Series Notice was
0.48 – 0.52 per cent per annum. Based on investor interest, the indicative Margin range is revised to 0.48 – 0.49 per cent per annum
Indicative Issuance Yield
Based on the revised indicative Margin, 1.715 - 1.725 per cent per annum
Closing Date
Bids due by 2pm NZT, 21 August 2019
ISIN NZLGFDT012C4
Joint Lead Managers
ANZ
Phone: 0800 269 476
Bank of New Zealand
Phone: 0800 284 017
Westpac Banking Corporation
Phone: 0800 942 822
ENDS
For all investor relations and media queries, please contact:
Mark Butcher, Chief Executive
mark.butcher@lgfa.co.nz / 04 974 6744