CSRLimited (CSR) announced today that it had completed its inaugural A$ MediumTerm Note issue totalling A$200 million.
Thebonds mature on 17 March 2009. This issue extends the overall average maturity ofCSR’s debt from 3.5 years as at 30 September 2003 to 4.8 years.
CSR willuse the proceeds to refinance existing bilateral bank facilities and forgeneral corporate purposes.
CSR’s original intent was to issue a minimum A$150 millionin bonds. The transaction was increasedto CSR’s maximum offer size of A$200 million due to strong investordemand. Notwithstanding the increase involume, the issue was oversubscribed at the higher level.
“We wereable to take advantage of the significant demand by investors for this issue asthere have been few comparable corporate issuers in the Australian market,”said CSR Chief Financial Officer Warren Saxelby.
“We arepleased that we have achieved an attractive price which, on an all-in fixedrate basis, exceeded our expectations. This deal enhances CSR’s debt portfolio with additional diversificationof our lending sources and lengthens the maturity of our debt profile.
“Thesuccess of this inaugural transaction reaffirms the strength of CSR’sreputation in the Australian market.”
CSR’scredit ratings are BBB+(stable)/Baa2(positive)/BBB+(stable). ABN AMRO and National Australia Bank actedas joint lead managers for this transaction.