Commonwealth Managed Investments tenders for convertibles due 2014

By Angela McDaniels

Tacoma, Wash., June 21 - Commonwealth Managed Investments Ltd. began a tender offer for up to A$300 million of convertible notes due August 2014, according to a company news release.

The offer will expire at 5 a.m. ET on June 28. The settlement date will be July 5.

Currently, A$595 million of the convertibles are outstanding.

The company will fund the offer with proceeds from its A$300 million issue of 5.75% exchangeable notes due July 2016. The notes are exchangeable for units of CFS Retail Property Trust.

Deutsche Bank AG, Sydney Branch (852 2203-6930) and J.P. Morgan Securities Ltd. (852 2800-8817) are the dealer managers for the tender offer, and Bank of New York Mellon (65 6432-0348) is the tender agent.

CFS Retail Property Trust is a real estate investment trust based in Sydney, Australia, that invests in shopping centers and retail outlet centers. Commonwealth Management Investments is the responsible entity of CFS Retail.

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