Holders of Synlait's SML010 bonds have elected to have approximately $169 million of the $180m bonds redeemed early, following a change of control event.
The change of control event was triggered by Bright Dairy's increased shareholding in Synlait to 65.25%, as a result of a placement of shares.
Holders of the SML010 bonds had a 10-working day period to make their election, which ended on October 15.
The bonds held by the electing holders cannot be traded and will be redeemed on November 13, 2024.
The trading suspension for the remaining $11m bonds was lifted, and non-electing holders can trade their bonds until December 4, 2024, ahead of the maturity date on December 17, 2024.
Synlait said the reduced number of outstanding bonds may impact the trading of the remaining bonds.
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