Australia’s largest grocer Woolworths Ltd has today announced an issue of A$200m (US$100m) off its Medium Term Note (MTN) programme, proceeds from which will fund unspecified corporate expenses.

Organised through joint lead managers the Commonwealth Bank of Australia and the National Australia Bank, the MTN will mature on 31 January 2007 at a senior unsecured fixed rate.

The issue, which has been rated A-minus (stable outlook) by Standard & Poor’s, was launched with a pricing range of 0.64% to 0.66% above the 5-year s.a. swap rate. The final margin is expected to be announced tomorrow [Friday].