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Media releases

$200 million Leighton Notes offer closes oversubscribed

Issue Date:  10 December 2003
Issued By:  Leighton Holdings Limited

Company Announcements Office
The Australian Stock Exchange Limited
Level 4
20 Bridge Street
Sydney NSW 2000

Re: $200 million Leighton Notes offer closes oversubscribed

Dear Sir,

Please find attached a copy of a media release to be issued today by Leighton Holdings Limited.

Yours sincerely,


A.J. MOIR
Company Secretary

$200 million Leighton Notes offer closed oversubscribed

Issue Date: 10 December 2003
Issued by: Leighton Holdings Limited

Leighton Holdings Limited (Leighton) announced today that its offer of $200 million of Leighton Notes has closed oversubscribed. On 9 December 2003, two million Leighton Notes were allotted, to a total value of $200 million.

Leighton Holdings Chief Executive Officer, Mr Wal King said that he was very pleased with the response to the offer from both institutional and retail investors.

“There has been strong demand for the Leighton Notes and we believe this reflects the confidence our investors have in the Group’s prospects. At the end of October our work in hand stood at $11.5 billion and there is still a significant upswing occurring in civil engineering and building construction in Australia,” he said.

“Yesterday, Thiess and John Holland achieved financial close on the $1.1 billion Lane Cove Tunnel in Sydney, further boosting our work levels. The Leighton Notes issue forms an important part of our capital management program and will provide access to additional balance sheet facilities to support projects such as the Lane Cove Tunnel and the $1.8 billion Mitcham-Frankston Freeway in Victoria, which is out to bid,” said Mr King.

The interest rate on Leighton Notes has been set at 8.01% per annum, being 1.90% above the 5 year swap rate on the issue date  (9 December 2003). This rate will be fixed until the first Reset Date, which will be 30 November 2008.

As a result of the oversubscription, it has not been possible to allocate to Leighton shareholders and general applicants the full amount of their application. Leighton shareholders who applied using their shareholder application forms will receive preferential treatment over general applicants, in accordance with the allocation policy outlined in the prospectus.

Allocation details for the Leighton Notes are as follows:

Leighton shareholder applicants
  • Leighton shareholders will receive up to the first 50 Leighton Notes ($5,000) they applied for. Applications for more than 50 Leighton Notes will receive 50 Leighton Notes plus approximately 32.5% of the remainder of their application.
General public applicants
  • General public applicants will receive 20 Leighton Notes ($2,000).
Broker firm applicants
  • Broker firm applicants applying via a participating broker should contact their broker to confirm their allocation.

Applications received after the close of the offer have not been allocated any Leighton Notes.

Refund cheques for excess application monies will be dispatched on 11 December 2003. Applicants under the Leighton shareholder and general public offer should confirm their allocations by calling the Leighton Notes InfoLine on 1800 105 308. Applications, which were accompanied by cheques that were subsequently dishonoured, have not been allocated any Leighton Notes.

Leighton Notes are expected to commence trading on ASX on 10 December 2003 on a deferred settlement basis, under the ASX code ‘LEIGA’. It is expected that CHESS and issuer sponsored holding statements will be dispatched on 11 December 2003. Normal settlement trading will commence on 12 December 2003.

All applicants are responsible for determining and confirming the number of Leighton Notes allocated to them prior to trading Leighton Notes. Applicants who sell Leighton Notes before receiving a holding statement will do so at their own risk.

Applicants requiring further information should call the Leighton Notes InfoLine on 1800 105 308.

Issued by:
Leighton Holdings Limited
A.C.N. 004 482 982  A.B.N. 57 004 482 982

For further information:
MR WAL KING
Chief Executive Officer
Ph:  (02) 9925 6912