Synlait Milk Issues NZ$217 Million in Equity to Bright Dairy, a2 Milk; Bonds Change Control

MT Newswires Live10-01

Synlait Milk (NZE:SML, ASX:SM1) issued around NZ$217.8 million in new equity to its two largest shareholders, Bright Dairy Holding and The a2 Milk Company (ASX:A2M, NZE:ATM), according to a Tuesday filing with the New Zealand bourse.

The New Zealand dairy producer has also refinanced its bank facilities and its subordinated bonds have had a change of control due to the Bright Dairy issuance, the filing stated.

Further, Synalit's settlement with a2 Milk is now effective, as per the filing.

The change of control triggered an early redemption right for bondholders at NZ$1 per bond, plus additional interests, from Tuesday, according to the filing.

Synlait Milk shares fell 4% in Tuesday's trade on the Australian bourse and rose 5% on the New Zealand bourse.

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