Skip to content

TLS: Announces NZ$ Commercial Paper Program

Document date:  Wed 04 Sep 2002
Published:  Wed 04 Sep 2002 08:56:38
Document No:  194255
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

TELSTRA CORPORATION LIMITED.                  2002-09-04  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
Telstra today announced plans for a NZ$ Commercial Paper (CP) Program
to be arranged by ANZ.

A dealer panel is being established and initial members will be:

* ANZ
* Bank of New Zealand
* Westpac Trust.

The program will be unlimited, allowing Telstra to borrow up to a
level comfortably supported by the local capital markets.

Telstra's Chief Financial Officer, Mr David Moffatt, said the CP
Program would be an efficient, flexible and reliable source of
short-term funding and complement Telstras existing A$, US$ and Euro
CP Programs.

"We want to support the local market and this is a positive
demonstration of our confidence and long-term commitment to New
Zealand, including strong support for our joint venture TelstraClear.
It makes sense that some of Telstra's funding requirements be raised
in NZ$," he said.

"This facility will also give New Zealand's financial institutions
the opportunity to invest in Telstra in their home currency and to
indirectly support the funding of competitive telecommunications
services which benefits all New Zealanders," Mr Moffatt said

A road show in Wellington and Auckland is planned for late September,
or early October, with issuance shortly after.

The proceeds of the NZ$ CP issues will be used for Telstra's general
corporate funding purposes including TelstraClear which is the second
largest telco in New Zealand and 58 percent owned by Telstra.

Telstra's short-term ratings are P1 Moody's, A1+ Standard and Poor's
and F1+ by Fitch. Telstra's long-term ratings are Aa3 Moody's, AA-
Standard and Poor's and AA- by Fitch. All ratings are on stable
outlook.

Media inquiries:

Angela Martinkus
PUBLIC AFFAIRS MANAGER FINANCE AND ADMINISTRATION
Telephone: 61+ 3 9634 3872
Mobile:    0408 997 420
angela.martinkus@team.telstra.com

Telstra Media Releases are regularly posted on the Telstra newsroom:
http://www.telstra.com.au/newsroom