Commonwealth Bank of Australia gives tender results for seven notes

By Cady Vishniac

Detroit, Dec. 8 – Commonwealth Bank of Australia announced the final results of its seven concurrent cash tender offers to purchase a total of up to $1.5 billion of outstanding notes, according to a news release.

The notes repurchased in the offer, by acceptance priority level, are as follows:

• €197,864,000 tendered from €800 million of 1.125% notes due Jan. 18, 2028 (ISIN: XS1750349190) with pricing set at €1,097.50 per $1,000 of notes, determined using the 2028 interpolated mid-swap rate and a fixed spread of 15 basis points;

• $341,652,000 from $750 million of 3.35% senior medium-term notes, series A, due June 4, 2024 (ISINs: US2027A0KB43, US2027A1KB26) with pricing set at $1,098.6250 per $1,000 of notes, based on the 0.375% U.S. Treasury note due Nov. 30, 2025 and a fixed spread of 10 bps;

• $214,082,000 from $500 million of 3.45% senior medium-term notes, series A, due March 16, 2023 (ISINs: US2027A0JX81, US2027A1JX64) with pricing set at $1,072.3050 per $1,000 of notes, based on the 0.25% U.S. Treasury note due Nov. 15, 2023 and a fixed spread of 5 bps;

• $129,167,000 from $500 million of floating-rate senior medium-term notes, series A, due June 4, 2024 (ISINs: US2027A0KC26, US2027A1KC09) with a fixed purchase price of $1,023.50 per $1,000 of notes;

• €97,400,000 from €700 million of floating-rate notes due March 2023 (ISIN: XS1789454326) with a fixed purchase price of €1,011.50 per €1,000 of notes;

• $205,782,000 from $750 million of floating-rate senior medium-term notes, series A, due March 16, 2023 (ISINs: US2027A0JY64, US2027A1JY48) with a fixed purchase price of $1,015 per $1,000 of notes; and

• $142,969,000 from $1 billion of 2.85% senior medium-term notes, series A, due May 18, 2026 (ISINs: US2027A0HT97, US2027A1HT70) with pricing set at $1,109.4050 per $1,000 of notes, based on the 0.375% U.S. Treasury note due Nov. 30, 2025 and a fixed spread of 40 bps.

All tendered notes were accepted.

Pricing based on the 2028 interpolated mid-swap rate was determined at 9 a.m. ET on Dec. 7.

The exchange rate was calculated for each €1.00 at $1.21245 at 2 p.m. ET on Dec. 7.

Pricing based on the U.S. reference securities was determined at 2 p.m. ET on Dec. 7.

$200,000 of the 3.35% notes due 2024, $3,000 of the 3.45% senior notes due March 16, 2023 and $44,000 of the 2.85% notes due May 18, 2026 were tendered pursuant to guaranteed delivery procedures. The notes must be delivered by 5 p.m. ET on Dec. 9.

Each tender offer was not contingent on the tender of any minimum principal amount of notes and was not conditioned on the consummation of the other tender offers.

However, the tender offers were subject to some other conditions, including the maximum tender condition.

Each tender offer was independent of the other tender offers, and the issuer could terminate, withdraw or modify any tender offer without terminating, withdrawing or modifying other tender offers.

The offers were announced on Dec. 1 and expired at 5 p.m. ET on Dec. 7.

The settlement date is expected to be Dec. 10.

BNP Paribas (+44 20 7595 8668, 888 210 4358, 212 841 3059), Citigroup Global Markets Inc. (800 558 3745, 212 723 6106), Citigroup Global Markets Ltd. (+44 20 7986 8969), Commonwealth Bank of Australia (+61 2 9118 1221), J.P. Morgan Securities LLC (212 834-4045, 866 834-4666) and J.P. Morgan Securities plc (+44 20 7134 2468) are dealer managers.

Global Bondholder Services Corp. (866 470-3800, 212 430-3774) is the depositary and information agent.

The banking and financial services company is based in Sydney, Australia.

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