Commonwealth Bank of Australia announces determination of purchase prices for tender offer for certain of its fixed rate notes guaranteed by the Commonwealth of Australia

NEW YORK and SYDNEY, April 14, 2014 /PRNewswire/ -- In connection with its previously announced cash tender offer for any and all of the outstanding Notes (the "Notes") listed in the table below, Commonwealth Bank of Australia ("CBA") announced today the determination of the reference yields and purchase prices for its 3.625% Fixed Rate Notes due June 25, 2014, guaranteed by the Commonwealth of Australia (the "Series 2009-B76 Notes"), its 2.900% Fixed Rate Notes due September 17, 2014, guaranteed by the Commonwealth of Australia (the "Series 2009-B88 Notes") and its 2.700% Fixed Rate Notes due November 25, 2014, guaranteed by the Commonwealth of Australia (the "Series 2009-B102 Notes") (collectively, the "Fixed Rate Notes").

The tender offer is being made pursuant to an offer to purchase dated April 7, 2014 and related letter of transmittal, which set forth the terms and conditions of the tender offer, including the method of calculation of the cash purchase prices for the Fixed Rate Notes. Holders of the Notes are urged to read the offer to purchase and the related letter of transmittal carefully before making any decisions with respect to the tender offer.

 ⁽¹⁾ The Notes are guaranteed by the Commonwealth of Australia (the "Commonwealth") under the Deed of Guarantee, dated November 20, 2008, executed on behalf of the Commonwealth.

The purchase price for each series of Fixed Rate Notes was calculated as described in the offer to purchase in a manner intended to result in a yield to maturity equal to the sum of the yield to maturity of the applicable U.S. Treasury Reference Security for such series of Fixed Rate Notes set forth in the table above as measured at 2:00 P.M., New York City time, today, April 14, 2014 and the applicable fixed spread as shown in the table above. In addition, holders of the Notes that are validly tendered and accepted for purchase will receive accrued and unpaid interest on the Notes up to, but not including, the settlement date. CBA expects the settlement date to occur on April 16, 2014, which is two business days following the expiration of the tender offer.

The tender offer will expire at 5:00 P.M., New York City time, on April 14, 2014, unless extended or earlier terminated (such time and date, as the same may be extended or earlier terminated, the "Expiration Time"). To be eligible to receive the applicable purchase price, holders of the Notes must validly tender and not validly withdraw their Notes at or prior to the Expiration Time. Tendered Notes may be withdrawn at any time at or prior to, but not after, the Expiration Time.

The tender offer is not conditioned upon any minimum amount of Notes being tendered. However, the tender offer is subject to the satisfaction or waiver of certain conditions set forth in the offer to purchase.

Citigroup Global Markets Inc., Commonwealth Bank of Australia and J.P. Morgan Securities LLC are serving as dealer managers for the tender offer, and D.F. King & Co., Inc. is serving as the tender agent and information agent for the tender offer. Commonwealth Bank of Australia is acting as a dealer manager only in respect of Notes held by holders outside the United States.

Neither the offer to purchase nor the related letter of transmittal has been lodged with the Australian Securities and Investments Commission and the tender offer is only available to persons in Australia to whom an offer or invitation can be made without disclosure under Parts 6D.2 or 7.9 of the Corporations Act 2001 of Australia.

This media release is not an offer to purchase or a solicitation of an offer to sell any securities. The tender offer is being made only pursuant to the terms of the offer to purchase and the related letter of transmittal. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

Requests for documents may be directed to D.F. King & Co., Inc. toll-free at (800) 859-8508, via email at [email protected] or in writing at 48 Wall Street, New York, New York 10005.  Questions regarding the tender offer in the United States may be directed to Citigroup Global Markets Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), Commonwealth Bank of Australia at (+61)(2) 9118-4500 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-4394 (collect).

SOURCE Commonwealth Bank of Australia