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ENV`s Ann:ENV Completes First Public Issue ofMediumTermNotes

Document date:  Wed 18 Oct 2000
Published:  Wed 18 Oct 2000 13:36:55
Document No:  126914
Document part:  A
Market Flag:  Y
Classification:  Issued Capital - Other

ENVESTRA LIMITED                              2000-10-18  ASX-SIGNAL-G

HOMEX - Adelaide                                                      

+++++++++++++++++++++++++
MEDIA RELEASE

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

Managing Director of Envestra, Mr Ollie Clark, said "Proceeds from
this issue will be used to refinance part of the existing syndicated
debt facilities for EnVic as part of the ongoing debt management
strategy for the Company.

"EnVic has already issued $270 million in Commercial Paper under the
Program.

"In July 2000 EnVic made a A$100 million private placement of
Floating Rate Medium Term Notes that matures on 21 December 2004.
Proceeds from issuing the Commercial Paper and the private placement
of Medium Term Notes have also been used to refinance part of the
existing syndicated finance facilities for EnVic".

As joint Lead Managers for the issue, ANZ Investment Bank and
Commonwealth Bank of Australia reported that demand by domestic
institutions was strong and the issue was placed to a wide range of
investors including offshore investors, primarily from Europe and
Asia.

Details of the issue are contained in the attached release from ANZ
Investment Bank and Commonwealth Bank of Australia.

For further information, please contact:

Ollie Clark,
MANAGING DIRECTOR
Peter Cain, 
CHIEF FINANCIAL OFFICER
Telephone: (08) 8227 1500


NEWS RELEASE

INAUGURAL PUBLIC MTN ISSUE FOR ENVESTRA VICTORIA PTY LIMITED

The debut public MTN offering of Envestra Victoria Pty Limited has
been priced today by the Joint Lead Managers ANZ Investment Bank and
Commonwealth Bank of Australia, as follows:

TERMS OF ISSUE:

Issuer:                  Envestra Victoria Pty Limited
Instrument:              Fixed and Floating Medium Term Notes
Joint Lead Managers:     ANZ Investment Bank and Commonwealth Bank 
                           of Australia 
Co-Manager:              BNP Paribas
Total Issue Size:        A$160,000,000
Fixed rate tranche:      A$ 34,000,0000
Floating rate tranche:   A$126,000,000
Term:                    2 years and 11 months
Maturity Date:           22 September 2003
Rating:                  BBB (stable outlook) by Standard & Poor's
Status:                  Senior, secured obligations of the Issuer
Issue Benchmark:         Commonwealth Government Bond (CGS) 15 August 
                           2003 
Interest Coupon:         7.25% semi-annually 
Re-Offer Spread to Swap: Quarterly swap + 0.80%
Re-Offer Margin to CGS:  15/08/03 CGS + 1.305%
Re-Offer Yield:          7.31%
Re-Offer Price:          100.457
Settlement Date:         23 October 2000
Governing Law:           Laws of the State of New South Wales

ANZ Investment Bank and Commonwealth Bank of Australia reported that
demand by domestic institutions was strong and the issue was placed
to a wide range of investors including offshore investors, primarily
Europe and Asia.

For further information, please contact:

Janet Pennington                    Peter Christie/Alastair McGibbon
ANZ INVESTMENT BANK                 COMMONWEALTH BANK OF AUSTRALIA
Telephone: (612) 9227 1142          Telephone: (612) 9312 0399