Overview of Synlait's recent bond redemptions

Synlait Milk Limited (ASX:SM1) has completed the redemption process for its SML010 bonds following a change of control event triggered by Bright Dairy increasing its shareholding to 65.25%. Approximately $169 million of the $180 million bonds were elected to be redeemed early, with the redemption date set for Wednesday 13 November 2024. The remaining $11 million bonds can be traded until Wednesday 4 December 2024, ahead of their maturity on Tuesday 17 December 2024.

Executive commentary on bond redemptions

The completion of the bond redemptions reflects the impact of the change of control event triggered by Bright Dairy's increased shareholding. We appreciate the support from the bondholders who elected to have their bonds redeemed early. The trading suspension for the remaining bonds has been lifted, and we are committed to ensuring a smooth trading process for the non-electing holders until their maturity on Tuesday 17 December 2024.

Summary of Synlait's bond redemption announcement

Synlait Milk Limited (ASX:SM1) has successfully completed the bond redemptions following a change of control event triggered by Bright Dairy's increased shareholding. Approximately $169 million of the $180 million bonds were elected to be redeemed early, with the redemption date set for Wednesday 13 November 2024. The remaining $11 million bonds can be traded until Wednesday 4 December 2024, ahead of their maturity on Tuesday 17 December 2024. The company remains focused on facilitating a smooth trading process for the non-electing holders and is committed to ensuring minimal impact on the trading of the remaining bonds.