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New South Wales Treasury begins tender offer for £250 million 5% notes
By Susanna Moon
Chicago, Feb. 12 – New South Wales Treasury Corp. said it began a tender offer for its £250 million 5% notes due February 2039 guaranteed by the Crown in Right of New South Wales.
Pricing will be set at 4 a.m. ET on Feb. 17 using the 4.75% U.K. Treasury gilt due Dec. 7, 2038 plus a spread of 10 basis points.
Under the offer, holders must tender their notes by 11 a.m. ET on Feb. 16. The offer began Feb. 10, with settlement set for Feb. 20.
Tender instructions must be submitted for a minimum principal amount of notes of at least the minimum denomination of £50,000 and may be submitted in integral multiples of £50,000 after that.
The offer is part of the issuer’s ongoing liability management activities, according to a company notice.
J.P. Morgan Securities plc (+44 0 20 7134 3414, attn: liability management, email: emea_lm@jpmorgan.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 0 20 7704 0880, attn: Thomas Choquet, email: nsw@lucid-is.com) is the tender agent.
The issuer is based in Sydney, Australia, and is the central borrowing authority for the state of New South Wales.
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