Commonwealth Bank of Australia prices offers to purchase seven series

By Wendy Van Sickle

Columbus, Ohio, Dec. 7 – Commonwealth Bank of Australia announced pricing 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 included in the offer, by acceptance priority level, are as follow, with pricing listed per $1,000 or €1,000 principal amount:

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

• $750 million of 3.35% senior medium-term notes, series A, due June 4, 2024 (ISIN: US2027A0KB43) with pricing set at $1,098.62, based on the 0.375% U.S. Treasury note due Nov. 30, 2025 and a fixed spread of 10 bps;

• $500 million of 3.45% senior medium-term notes, series A, due March 16, 2023 (ISIN: US2027A0JX81) with pricing set at $1,072.30, based on the 0.25% U.S. Treasury note due Nov. 15, 2023 and a fixed spread of 5 bps;

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

• €700 million of floating-rate notes due June 4, 2024 (ISIN: XS1789454326) with a fixed purchase price of €1,011.50 per €1,000 of notes;

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

• $1 billion of 2.85% senior medium-term notes, series A, due May 18, 2026 (ISIN: US2027A0HT97) with pricing set at $1,109.40, based on the 0.375% U.S. Treasury note due Nov. 30, 2025 and a fixed spread of 40 bps.

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

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

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

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

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

The offers were announced on Dec. 1 and will expire 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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