Challenger Ltd has launched Challenger Capital Notes which will raise $250m (more or less), to fund future growth in its annuity business. All proceeds will be used to fund additional Tier 1 capital for Challenger Life. It is expected they will be quoted on the ASX under CGFPA. Notes are fully paid, unsecured, subordinated, perpetual notes which will convert into ordinary shares on or after 25th May 2022 subject to certain conditions. Holders will receive a discretionary, floating rate and non-cumulative quarterly distributions which are expected to be 70% franked. The margin under book build is 3.4-3.60% p.a.   UBS is the Structuring Adviser and Joint Lead Manager. J.P. Morgan, National Australia Bank, and Westpac Institutional Bank have also been appointed JLMs.   Further information can be found at www.challengercapitalnotes.com.au For Australian Investors only, not for distribution in the United States.