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Telstra Announces NZ$ Commercial Paper Program

Wednesday, 4 September 2002

Telstra Announces NZ$ Commercial Paper Program

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:
- 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 Telstra’s 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.

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