Synlait joins NZX debt market

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

NZX: SML
ASX: SM1
18 December 2019

Synlait joins NZX debt market
Synlait today joined the NZX debt market with its inaugural bond issuance.

Synlait has issued NZ$180 million of unsecured, subordinated, fixed rate bonds. The proceeds from the
bonds will be used to repay a portion of Synlait’s existing bank debt and provide diversification of funding
sources to support the company’s growth strategy.

Synlait CEO Leon Clement commented: “Welcome to all our new bondholders who today become part of
the Synlait story. Synlait’s purpose is to do milk differently for a healthier world. To support this, we have a
strategy to diversify our customer base, category mix and site reach, and this must extend to our balance
sheet. We are a growth company, and after a sustained period of growth and investment, we believed that
now was the right time to issue bonds. As a New Zealand company, it is great to be able to use our local
capital markets to achieve this and to receive such strong support from our newest stakeholders.”

NZX CEO Mark Peterson commented: “It’s wonderful to have another one of our leading listed companies,
Synlait Milk, accessing the local debt market, with this $180 million retail bond capping off a great year for
the NZX debt market. We’re proud of how the debt market has developed along with our equity and funds
offerings, giving Kiwi investors a wide range of financial products that they can choose to invest in.”

Today’s listing is the one of the largest unrated bonds to list on the NZX debt market since November
2010. It is also the largest unrated corporate subordinated bond to list in New Zealand since December
2006.

Synlait is the third new debt issuer to join the NZX debt market this year – and this is the final listing for
2019.

Synlait joined the NZX main board (equity market) in July 2013 and has a market capitalisation of $1.6
billion.

For more information about Synlait visit www.synlait.com
or contact:

Media
Linda Chalmers, Senior Communications Advisor –
External
P: +64 21 951 347
E: linda.chalmers@synlait.com


Investors
Hannah Lynch
Corporate Affairs Manager
P: +64 21 252 8990
E: hannah.lynch@synlait.com

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18 December 2019

Allotment of Synlait Milk Limited Bonds (SML010)

Section 1: Issuer information
Name of issuer Synlait Milk Limited (Synlait)
NZX ticker code SML010
Class of financial product Unsecured, subordinated fixed
rate bonds
ISIN (If unknown, check on NZX website) NZSMLDT001C4
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 180,000,000 bonds
Nominal value (if any) $180,000,000
Issue/acquisition/redemption price per security $1.00 per bond
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
1

100%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Reason for issue: The net
proceeds of this offer will be
advanced to Synlait Milk
Finance Limited and used by it
to repay a portion of the
Synlait guaranteeing group's
existing bank debt. The offer
will also provide diversification
of funding sources to support
Synlait's growth strategy.
Specific authority for issue:
Resolutions of the Board of
directors dated 28 November
2019.

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
Total number: 180,000,000
bonds
Treasury stock: None
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Resolutions of the Board of
directors dated 28 November
2019.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
As set out in the Product
Disclosure Statement dated 29
November 2019 and the Final
Terms Sheet dated 6
December 2019.
Date of issue/acquisition/redemption
2
17/12/2019
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Nigel Greenwood
Contact person for this announcement Hannah Lynch
Contact phone number +64 21 252 8990

Contact email address Hannah.Lynch@synlait.com
Date of release through MAP

18/12/2019




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).