| NZX Announcement 13 October 2021 On 12 October 2021, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering: a) NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2028 (2028 Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA's discretion; and b) NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2035 (2035 Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA's discretion, together, the 'Bonds'. Full details of the Bond offers are contained in the Series Notices for the 2028 Bonds and 2035 Bonds which were attached to the launch announcement on 12 October 2021. The bookbuild processes are underway. An update is set out below. 2028 Bonds Bookbuild orders As at 12.15 pm NZT in excess of NZ$780 million at the revised indicative Margin below (including NZ$100 million of 2028 Bonds reserved for subscription by LGFA and NZ$140 million trading interest from the Joint Lead Managers). Based on orders to date, LGFA expects to issue at least NZ$600 million of 2028 Bonds (including NZ$100 million reserved for subscription by LGFA). Indicative Margin The indicative Margin range set out in the Series Notice was 0.24 – 0.26 per cent per annum. Based on investor interest, the indicative Margin is now 0.25 per cent per annum. Indicative Issuance Yield Based on the revised indicative Margin, 2.366 per cent per annum. Closing Date Bids due by 2pm NZT, 13 October 2021. ISIN NZLGFDT018C1 2035 Bonds Bookbuild orders As at 12.15 pm NZT in excess of NZ$435 million at the revised indicative Margin below (including NZ$100 million of 2035 Bonds reserved for subscription by LGFA and NZ$65 million trading interest from the Joint Lead Managers). Based on orders to date, LGFA expects to issue at least NZ$400 million of 2035 Bonds (including NZ$100 million reserved for subscription by LGFA). Indicative Margin The indicative Margin range set out in the Series Notice was 0.44 – 0.48 per cent per annum. Based on investor interest, the indicative Margin is now 0.46 per cent per annum. Indicative Issuance Yield Based on the revised indicative Margin, 2.969 per cent per annum. Closing Date Bids due by 2pm NZT, 13 October 2021. ISIN NZLGFDT019C9 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 |