Debt Investor Presentation November 2019
Capital management
Chorus Limited is rated BBB (stable) by Standard & Poor's and Baa2 (stable) by Moody's.
The Chorus Board considers that a 'BBB' credit rating or equivalent is appropriate for a company such as
Chorus. We maintain capital management and financial policies consistent with these ratings.
Chorus maintains ready access to ample liquidity across cash balances and availability under its bank facilities, as
well as remaining capacity under the arrangement with Crown Infrastructure Partners (CIP) with respect to UFB fibre
rollout capex
■ Chorus can issue debt securities to the Crown up to a total face value of $570 million. These securities are non
interest bearing, repayable in tranches between 2025 and 2036, and rank equally with all other unsecured,
unsubordinated creditors of Chorus
Chorus can issue equity securities to the Crown up to a total face value of $766 million, which pay no dividends
until 2025 - at which point dividends are phased in between 2025 and 2036, and are deferrable (optional and
mandatory) on a non-cumulative basis
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To date $982 million of securities have been issued to the Crown, leaving $354 million of crown funding available
Chorus' financial bank facility covenants require its senior debt ratio to be no greater than 4.75 times
28 November 2019
DEBT INVESTOR PRESENTATION
CHORUSView entire presentation