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National Australia Bank investors tender $1.71 billion of 2.55% notes
By Susanna Moon
Chicago, Feb. 22 - National Australia Bank Ltd. said investors had tendered $1,711,786,000 of its $2.5 billion principal amount of outstanding 2.55% fixed-rate notes due Jan. 13, 2012 guaranteed by the Commonwealth of Australia as of 5 p.m. ET on Feb. 22, the expiration date.
The bank will pay $1,020.34 per $1,000 principal amount of notes plus accrued interest to but not including the settlement date, which is expected to be Feb. 24.
The purchase price was set using a fixed spread of 5 basis points under the bid-side yield to maturity of the 1.125% U.S. Treasury notes due Jan. 15, 2012, calculated by J.P. Morgan Securities LLC, as dealer manager at 11 a.m. ET on Feb. 22. The reference yield was 0.30%, and the tender offer yield was 0.25%.
JPMorgan (866 834-4666 or collect 212 834-2494) is the dealer manager, and Global Bondholder Services Corp. (866 952-2200, attn: corporate actions) is the depositary and information agent.
The financial services company is based in Melbourne, Australia.
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