ANZ Commences Cash Tender Offer for Any and All of Certain of its Outstanding Notes

Dec 30, 2010, 09:59 ET from Australia and New Zealand Banking Group Limited

MELBOURNE, Australia, Dec. 30, 2010 /PRNewswire/ -- Australia and New Zealand Banking Group Limited (the "Company"), one of Australia's largest banking and financial groups, announced today that it has commenced a cash tender offer (the "Tender Offer") to purchase any and all of its 3.20% Senior Commonwealth Guaranteed Notes due December 15, 2011 (the "Notes").  Additional terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated December 30, 2010 (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal").  The offer will expire at 5:00 p.m., New York City time, on January 13, 2011, unless extended (the "Expiration Date").

The consideration for each $1,000 principal amount of Notes tendered and accepted for payment pursuant to the Tender Offer will be determined at 11:00 a.m., New York City time, on January 13, 2011 in the manner described in the Offer to Purchase.  The purchase price, which will be determined by reference to a fixed spread specified for the Notes over the yield based on the bid-side price of the applicable U.S. Treasury Security as indicated below, will be announced by news release promptly after its determination.

CUSIP No.

ISIN

Title of Notes

Aggregate

Principal

Amount

Outstanding

Fixed

Spread

(basis

points)

Reference

Treasury

Security

Relevant

Bloomberg

Page

144A:

05252AAB7

Reg S:

05252BAB5

144A:

US05252AAB70

Reg S:

US05252BAB53

3.20% Senior

Commonwealth

Guaranteed Notes

due December 15,

2011

$1,900,000,000

0

1.125% due

December

15, 2011

PX3



In addition, the Company will pay accrued and unpaid interest up to, but excluding, the applicable settlement date on all validly tendered Notes accepted for purchase in the Tender Offer.  The settlement date for the Tender Offer is expected to be the first business day following the Expiration Date and currently is expected to be January 14, 2011.  The Tender Offer remains subject to meeting certain conditions, and the Company reserves the right to extend, terminate, withdraw or amend the Tender Offer at any time subject to applicable law.

The Company has retained BofA Merrill Lynch as Dealer Manager.  Global Bondholder Services Corporation has been retained to serve as the depositary and to serve as the information agent for the Tender Offer.

For additional information regarding the terms of the Tender Offer, please contact: BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-9217 (collect).

This news release is not an offer to purchase or a solicitation of an offer to sell any Notes.  The Tender Offer is being made only pursuant to the terms of the Offer to Purchase, and the related Letter of Transmittal.

Requests for documents and questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation, at (866) 294-2200 (toll free).

About the Company

The Company is one of the four major banking groups headquartered in Australia.  The Company, together with its subsidiaries, provides a broad range of banking and financial products and services to retail, small business, corporate and institutional clients.  The Company conducts its operations primarily in Australia, New Zealand and the Asia Pacific region.  It also operates in a number of other countries including the United Kingdom and the United States.

Additional information about the Company (including the Company's most recent annual audited consolidated financial statements) is available on the Company's website at www.anz.com/aus/shares/finance/disclosure.asp.

The statements in this press release which are not historical facts may be forward-looking statements.  Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different.  Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors discussed in the Offer to Purchase.

http://www.anz.com

SOURCE Australia and New Zealand Banking Group Limited



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http://www.anz.com