NZX Announcement
06 September 2023
New Zealand Local Government Funding Agency Limited (LGFA) announced today that it is offering the following existing series of unsecured, unsubordinated, fixed rate bonds to institutional and New Zealand retail investors (together, the 'Bonds'). Each series of Bonds is already quoted on the NZX Debt Market.
2025 Bonds
Maturity Date: 15 April 2025
NZX ticker code: LGF070
Coupon/Interest rate: 2.75% per annum
Amount offered: NZ$100 million, with the ability to accept unlimited oversubscriptions at LGFA's discretion
Indicative Margin Range: 0.15% to 0.17% per annum
2030 Sustainable Financing Bonds
Maturity Date: 15 May 2030
NZX ticker code: LGF170
Coupon/Interest rate: 4.50% per annum
Amount offered: NZ$150 million, with the ability to accept unlimited oversubscriptions at LGFA's discretion
Indicative Margin Range: 0.68% to 0.72% per annum
Other information
For each series of Bonds, the Issuance Yield will be the sum of the Margin and the Base Rate. The Margin for each series of Bonds will be set following a bookbuild on the Rate Set Date, being 7 September 2023. The Issuance Yield, Margin and Issue/Settlement Price for each series of Bonds will be announced by LGFA via NZX shortly thereafter.
The offers will close at 11:30 am on 7 September 2023, with the Bonds expected to be issued on 12 September 2023.
LGFA does not intend to offer any additional tranches of the Bonds until its January 2024 tender, currently scheduled for the week commencing 22 January 2024.
Full details of the Bond offers are contained in the Series Notices attached. The offers will each be made as an offer of debt securities of the same class as existing quoted debt securities pursuant to the Financial Markets Conduct Act 2013. The notices required by the Financial Markets Conduct Regulations 2014 have been provided to NZX.
There is no public pool for the Bonds, which will be reserved for the Joint Lead Managers, institutional investors and other primary market participants invited to participate in the bookbuilds.
Joint Lead Managers
ANZ
Phone: 0800 269 476
BNZ
Phone: 0800 275 269
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