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ENV`s ann: First Public Issue of Medium Term Notes

Document date:  Tue 17 Oct 2000
Published:  Tue 17 Oct 2000 11:20:55
Document No:  126897
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

ENVESTRA LIMITED                              2000-10-17  ASX-SIGNAL-G

HOMEX - Adelaide                                                      

Envestra Limited ("Envestra") today announced the launch of an A$160
million, three year public issue of Medium Term Notes. The issue
which will mature on 22 September 2003, will be made by Envestra's
wholly owned subsidiary, Envestra Victoria Pty Limited. This is the
first public issue under the Company's A$800 million multi-issuer
Commercial Paper and Medium Term Note Programme.

Investors are being offered Fixed Rate or Floating Rate Notes and it
is expected that finalization of this allocation will be determined
prior to pricing. Both tranches are expected to be priced at BBSW +
80 basis points (or their equivalent).

The issue is to be priced on Wednesday, 18 October 2000 with
settlement scheduled for Monday, 23 October 2000.

Proceeds from this issue will be used to refinance part of the
existing syndicated debt facilities as part of the ongoing debt
management strategy for the Company.

The joint Lead Managers for the issue are ANZ Investment Bank and
Commonwealth Bank of Australia. Co-Managers for the issue are BNP
Paribas, Salomon Smith Barney, The Toronto-Dominion Bank and Westpac
Banking Corporation.

Envestra is an energy infrastructure company that owns natural gas
transmission pipelines and distribution networks in South Australia,
Victoria, Queensland, New South Wales and the Northern Territory.
Envestra's wholly owned subsidiary, EnVic, acquired the gas 
distribution business, formerly known as Stratus Networks from the
Victorian Government for approximately $1,200 million in March 1999.
The $980 million bank debt facility that was arranged as part of the
acquisition was syndicated among twenty-one financiers.

Envestra and EnVic are both rated BBB/Stable/A-2 by Standard and



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