Capital Change Notice - Bond Redemption

Capital Change Notice

Updated as at June 2023


Section 1: Issuer information
Name of issuer Synlait Milk Limited (Synlait)
NZX ticker code SML010
Class of financial product
Subordinated bonds issued by
Synlait on 17 December 2019,
which are quoted on the NZX
Debt Market under the ticker
SML010 (the Bonds)
ISIN (If unknown, check on NZX website) NZSMLDT001C4
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed
Redemption of 168,786,000
Bonds
Nominal value (if any) $168,786,000.00 ($1 per Bond)
Issue/acquisition/redemption price per security
$1 per Bond, plus accrued
interest
Nature of the payment (for example, cash or other
consideration)
The redemption price per Bond
will be satisfied by Synlait in
cash on 13 November 2024.
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)
93.77%
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 redemption: A
change of control event in
relation to the Bonds as a
result of Bright Dairy Holding
Limited increasing its
shareholder to 65.25%
Specific authority for
redemption: Clause 6.2 of the
Series Supplement relating to
Series 2019-1 Bonds between
Synlait and The New Zealand
Guardian Trust Company
Limited (the Supervisor) dated
28 November 2019 (the Series
Supplement)

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 of remaining
Bonds on issue following the
redemption and cancellation of
those Bonds: 11,214,000 Bonds

Total number of Bonds held as
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
Clause 6.2 of the Series
Supplement
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The terms of the redemption of
the Bonds are described in the
Series Supplement in respect
of the Bonds (in particular,
clause 6.2) together with the
general provisions with respect
to the Bonds in the Master
Trust Deed dated 28
November 2019 between
Synlait and the Supervisor.

Date of issue/acquisition/redemption 13/11/2024
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement Hannah Lynch
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 13/11/2024