Exchange Mechanism of CHI010 notes for CHI030 bonds

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


Memorandum

To:
Market Participants
From:
NZX Product Operations
Date:
Monday, 30 October 2023
Subject: Channel Infrastructure NZ Limited (“CHI”) exchange mechanism of CHI010 notes
for CHI030 bonds


Message:
Further to the announcements on 19th October 2023 and 30th October 2023:
(a) CHI is offering up to $75,000,000 (with the ability to accept oversubscriptions of up to an
additional $25,000,000 at CHI's discretion) of 6 year, unsecured, unsubordinated, fixed
rate bonds (CHI030 bonds) maturing on 14 November 2029 to investors resident in New
Zealand and institutional investors (Offer); and

(b) CHI intends to give CHI010 noteholders that hold CHI010 notes through a custodial
account (and who wish to apply for CHI030 bonds) the opportunity to exchange all or some
of their CHI010 notes for an equal number of CHI030 bonds on the issue date of the
CHI030 bonds (on a one-for-one basis at a face value of $1.00),

each on the terms set out in the Indicative Terms Sheet released over NZX by CHI on 30 October
2023.

Channel Infrastructure has the right to redeem the CHI010 notes on 1 March 2024 (being the first
scheduled election date) and intends to redeem any CHI010 notes that are not otherwise
purchased under the exchange mechanism described above.

The terms and details of the CHI030 bonds will be provided in a Quotation Notice, which will be
released to the market at such time as the relevant information becomes available.

A timetable of events is detailed below:

Event Date
Opening date for Offer
Monday, 30 October 2023
Closing date for the Offer
11:00am on Friday, 3 November 2023

Event Date
Trading in CHI010 notes is halted at pre-
market open
Monday, 6 November 2023
Issue/Allotment Date for CHI030 bonds Tuesday, 14 November 2023
Trading halt lifted at pre-market open and
trading in CHI010 notes resumes at market
open
Wednesday, 15 November 2023
Expected commencement of trading in the
new CHI030 bonds issued under the Offer
Wednesday, 15 November 2023

Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com
with any queries.

ENDS