Pricing of $500 million exchangeable notes offering

15 November 2022

Pricing of $500 million exchangeable notes offering

Dexus refers to its announcement from 14 November 2022 regarding its offer of A$500 million Guaranteed Exchangeable Notes (‘New Notes’) due November 2027.

Dexus announces that the New Notes priced overnight. The New Notes will pay a fixed coupon rate of 3.5% per annum and are exchangeable into Dexus Stapled Securities at an initial exchange price of A$9.79 per security (subject to standard exchange price adjustments), reflecting a premium of 30% to the Reference Price of A$7.53 per security. Further, if the New Notes are not exchanged, they will be redeemed by Dexus on maturity at 104.15% of face value.

Dexus has also concurrently repurchased A$100 million of its existing outstanding exchangeable notes due June 2026, at a price of 96.25%¹. Settlement of the New Notes is expected to be completed on 24 November 2022 and is subject to satisfaction of customary conditions precedent.

Merrill Lynch Equities (Australia) Limited acted as Sole Lead Manager and Underwriter to the issue.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

1. Plus any accrued but unpaid interest from and including 19 September 2022 to but excluding the settlement date of the concurrent repurchase.