Challenger (ASX:CGF) announced the offer of a new subordinated, unsecured, perpetual convertible security, Challenger Capital Notes 4, to raise approximately $250M with the ability to raise more or less.
Challenger says to apply for the Offer, investors must meet certain eligibility criteria and must submit an application through a Syndicate Broker.
It also says Challenger Capital Notes 4 are subordinated, unsecured, perpetual, and mandatorily convertible into Challenger ordinary shares with a face value of $100 each.
They have a floating rate distribution, expected to be fully franked, that is scheduled to be paid quarterly.
The Offer is open until March 30th, and Challenger Capital Notes 4 are expected to begin trading on the Australian Securities Exchange on April 6th.