Proposed PERLS II issue update
1 December 2003
Following the completion on Friday 28 November 2003 of a successful bookbuild, the Initial Margin for the proposed issue of Perpetual Exchangeable Resettable Listed Securities ("PERLS II") has been set at 0.95% per annum. For the period until 15 March 2009, PERLS II will offer investors a total distribution rate, taking into account franking credits, at 0.95% per annum over the Bank Bill Swap Rate for 90 day bills ("the BBSW"), payable quarterly in arrears. The BBSW will be set at the start of each distribution period.
PERLS II will be issued by Commonwealth Managed Investments Limited ("CMIL"), a wholly owned subsidiary of Commonwealth Bank of Australia ("Bank") and the responsible entity of the PERLS II Trust.
CMIL intends to issue up to 3.75 million PERLS II at an Issue Price of $200 each, with the ability to accept oversubscriptions of a further 1.25 million PERLS II. The minimum investment is $5,000 or 25 PERLS II.
The Bank and CMIL are currently finalising arrangements in relation to the proposed offer of PERLS II including obtaining relevant regulatory approvals. It is expected that a Product Disclosure Statement for the PERLS II offer will be lodged on 2 December 2003.
A Product Disclosure Statement for the PERLS II will be made generally available following the Product Disclosure Statement being lodged with ASIC. The lodged Product Disclosure Statement is expected to be made available on or after 2 December 2003 and will be made available from that time at http://www.commsec.com.au or by calling the PERLS II Information Line on 1800 022 440. Persons wishing to acquire PERLS II will need to complete and return the application form attached to or accompanying the Product Disclosure Statement. Potential investors should consider the Product Disclosure Statement in deciding whether to acquire PERLS II.
For further information please contact:
General Manager, Media
Group Corporate Relations
Telephone (02) 9378 2663