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LONDON - New Zealand Local Government Funding Agency Limited (LGFA) announced Tuesday it plans to issue $500 million in senior unsecured fixed rate notes due 2030, according to a pre-stabilization notice.
UBS AG London Branch will serve as the stabilizing manager for the offering, with the stabilization period expected to begin September 23, 2025, and end no later than October 29, 2025. The stabilizing manager may over-allot securities by up to 5% of the aggregate nominal amount or conduct transactions to support the market price.
The 5-year USD-denominated bonds will be guaranteed under arrangements detailed on the LGFA’s website. Pricing details have not yet been finalized, according to the statement.
The offering is directed at qualified investors outside the United States, as the securities have not been registered under the U.S. Securities Act of 1933. The bonds will not be offered to the general public in the United States.
For investors in the United Kingdom, the offering is limited to those with professional experience in investments or high net worth individuals who qualify under the Financial Services and Markets Act 2000.
The information was provided in a press release statement distributed through the London Stock Exchange’s news service.
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