Chorus Limited announced a private placement of 1,924,483 CIP2 equity securities at a price of NZD 1 per share for gross proceeds of NZD 1,924,483 on November 8, 2021. The CIP2 equity securities are redeemable preference shares. The transaction will involve participation from existing investor Crown Infrastructure Partners Limited.

Dividends will become payable on the securities from 2036. The company may redeem the securities at any time by cash payment of the total issue price of the securities to be redeemed; or by the issue of ordinary shares of the company of a value equal to the total issue price of the securities to be redeemed, with common shares valued at a 5% discount to the 20-day volume weighted average price.