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WES`s ann: Wesfarmers launches capital markets programme

Document date:  Thu 21 Feb 2002
Published:  Thu 21 Feb 2002 11:49:56
Document No:  211490
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

WESFARMERS LIMITED                            2002-02-21  ASX-SIGNAL-G

HOMEX - Perth                                                         

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Wesfarmers Limited today announced the launching of a commercial
paper / medium term note programme. Initially up to $300 million in
commercial paper will be issued, thereafter consideration will be
given to issuing medium term paper as and when required.

Wesfarmers' Finance Director, Mr Erich Fraunschiel, said the purpose
of the programme was to diversify the group's sources of funding and,
in time, to lengthen the average debt maturity.

"The proceeds of the initial issue will be applied to general group
funding and to repay existing bank borrowings", he said.

The commercial paper dealers for the programme are Australia and New
Zealand Banking Group Limited, BNP Paribas, Commonwealth Bank of
Australia, National Australia Bank Limited and Westpac Banking
Corporation.

Standard & Poor's today assigned an A- long term and A-2 short term
corporate credit rating to Wesfarmers Limited and to the programme.
They noted that the outlook for the rating was stable.

For further information contact: 
Mr Erich Fraunschiel, 
FINANCE DIRECTOR
(08) 9327 4208