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Bendigo Bank raises off-shore funds

17 March 2005 |Media centre

Bendigo Bank has raised a further US$200 million in international money markets to help fund its expected lending growth.

Chief Financial Officer Craig Langford said the funds were raised after a successful investor update in Europe and Asia through lead managers Nomura International PLC and West LB AG.

Bendigo launched a US$200 million, three-year Eurobond under its Euro MTN Program, settling on 1 April.

"The transaction was heavily over-subscribed and priced at a re-offer spread of 25 basis points over three-month LIBOR (London Interbank Offer Rate), which is a new benchmark for Bendigo Bank," Mr Langford said.

"The deal saw continued support from existing investors and the addition of first-time buyers attracted to Bendigo Bank’s retail distribution strategy and the improved credit position which was reflected in our recent upgrades to BBB plus by Fitch Ratings and Standard and Poor’s.”

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