Three outstanding British Pound denominated loans issued by the Australian Government will be fully redeemed in advance of their original maturity dates. The loans in question are the:
- 13.5 per cent due 28 July 2010;
- 9.5 per cent due 14 October 2012; and
- 11.375 per cent due 26 October 2015.
The early redemption of these loans follows meetings held in London on 21 September 2004 at which loan stockholders voted in favour of resolutions proposed by the Australian Office of Financial Management (AOFM) on behalf of the Australian Government amending the terms and conditions of the loans to bring forward the maturity dates to 14 October 2004.
Royal Bank of Canada Europe Limited managed arrangements for the stockholder meetings and negotiations with the Association of British Insurers as representatives of the major stockholders on behalf of the AOFM.
The aggregate outstanding face value amount of the three loans is approximately £39 million. The loans were raised in the 1980s when the Australian Government was a regular debt issuer in offshore capital markets. The original face value amount of each loan was £100 million. The amount on issue for these loans was substantially reduced by repurchase activity in 1989 and 1990.
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