Challenger Limited (ASX:CGF) today announced the offer of a new subordinated, unsecured, perpetual convertible security, Challenger Capital Notes 4, to raise approximately $250 million, with the ability to raise more or less (the Offer). The Offer includes a reinvestment offer for certain Eligible CCN2 Holders (Reinvestment Offer). Challenger Capital Notes 4 are expected to be quoted on the Australian Securities Exchange (ASX) under the code CGFPD.