LGFA fixed rate bond offers close

NZX Announcement
30 July 2020

LGFA fixed rate bond offers close

New Zealand Local Government Funding Agency Limited (LGFA) today announced that following the successful bookbuild process for its offers of:

• unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 April 2037 (2037 Bonds), it has set the issue size at NZ$600 million. As at offer close at 2pm NZT, bookbuild orders in excess of NZ$1,100,000,000 at the Margin of 0.97% were received; and

• an existing series of unsecured, unsubordinated, fixed rate bonds with a maturity date of 14 April 2022 (2022 Bonds, together with the 2037 Bonds, the Bonds), it has set the issue size at NZ$400 million. As at offer close at 2pm NZT, bookbuild orders in excess of NZ$415,000,000 at the Margin of 0.21% were received.

The Margin for the 2037 Bonds has been set at 0.97% per annum.
The Margin for the 2022 Bonds has been set at 0.21% per annum.

The Issuance Yield, Coupon/Interest Rate and Issue/Settlement Price for the 2037 Bonds will be announced shortly.

The Coupon/Interest Rate for the 2022 Bonds is 2.75% per annum. The Issuance Yield and Issue/Settlement Price for the 2022 Bonds will be announced shortly.

All of the Bonds have been allocated to participants (or their clients) in the bookbuild process and there is no public pool.

The Bonds are expected to be issued on 4 August 2020. The 2037 Bonds are expected to be quoted on the NZX Debt Market on 5 August 2020 under the ticker code LGF130. The 2022 Bonds are a further tranche of 2022 bonds that are already quoted on the NZX Debt Market under the ticker code LGF090.

Arranger and Joint Lead Manager

Bank of New Zealand
Phone: 0800 284 017

Joint Lead Managers

ANZ
Phone: 0800 269 476

CBA
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

30 Jul 2020