ELDERS HALVES NOTE FACILITY AMOUNT, AMENDS TERMS
The proposed note issuance facility
for Elders IXL Ltd has been reduced to 100 mln Australian dlrs
from the original 200 mln dlrs, lead manager Westpac Finance
Asia Ltd said.
    Terms of the facility have also been amended. It will still
be half underwritten and half uncommitted, but the underwriting
margin has been raised to 10 basis points over the Australian
dollar bank bill rate.
    The margin was originally set at 6.25 basis points over
bank bill rate for up to 50 mln dlrs and at 2.5 basis points
for the remaining 50 mln dlrs.
    There is a 10 basis point utilisation fee if the
underwriters are required to pick up more than 67 pct of the
paper issued, and a five basis point fee if they are to pick up
34-67 pct of the paper. No utilisation fee will be charged if
they are to pick up less than 33 pct.
    Underwriting fee is 1/8 pct.
    Under the facility, notes in denominations of 500,000 dlrs
will be issued with maturities ranging from one to six months.
    Syndication deadline has been extended to March 20 from
today to allow banks more time to consider the facility.
 REUTER
