LGFA Considers Bond Offer

LGFA Considers Bond Offer

New Zealand Local Government Funding Agency Limited (LGFA) is considering, subject to market conditions, making an offer of unsecured, unsubordinated fixed rate bonds maturing on 15 April 2037 (2037 Bonds) and an offer of an existing series of unsecured, unsubordinated fixed rate bonds maturing on 14 April 2022 (2022 Bonds, together with the 2037 Bonds, the Bonds), to institutional and New Zealand retail investors.

LGFA will hold a global investor conference call at 3.00pm NZT on 27 July 2020. Details are outlined below.

It is expected that full details of the offers of the Bonds will be released next week, when the offers are expected to open.

If LGFA decides to proceed with the offers, LGFA intends to cancel the proposed tender that is scheduled to occur on 13 August 2020.

LGFA has appointed Bank of New Zealand as the Arranger and a Joint Lead Manager and ANZ Bank New Zealand Limited, Commonwealth Bank of Australia (ABN 48 123 123 124) and Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) as Joint Lead Managers in relation to the Bond offers.

Investors can register their interest in the offer(s) by contacting a Joint Lead Manager as detailed below, or their financial advisor. Indications of interest will not constitute an obligation or commitment of any kind.

No money is currently being sought and applications for the Bonds cannot currently be made. If LGFA offers the Bonds, the offers will each be made in accordance with the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The 2037 Bonds are expected to be quoted on the NZX Debt Market. The 2022 Bonds are a further tranche of 2022 bonds that are already quoted on the NZX Debt Market under the ticker code LGF090.

LGFA Investor Conference Call
Monday 27 July 2020

New Zealand 0800 452 257 3.00pm
Australia 1800 093 431 1.00pm (AEST)
Singapore 800 120 6856 11.00am
Hong Kong +852 3005 2399 11.00am
Japan 0120 200 683 12.00pm
International +61 2 8047 9393
Pin Code 42370360#

Arranger and Joint Lead Manager

Bank of New Zealand
Phone: 0800 284 017

Joint Lead Managers

Phone: 0800 269 476

Phone: 0800 272 266

Westpac Banking Corporation
Phone: 0800 942 822

For all investor relations and media queries, please contact:

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

24 Jul 2020