telstra shuns locals to raise $1.5b in europe , page-3

I think the biggest thing to note here is that it was 6 times oversubscribed. With net debt at 15.2 billion this bodes well for future raisings, as debt matures, they can refinance at better rates.
Average interest rates fell during 2009 from 7.5% to 6.5% on this debt.

The 1.5 billion AUD raised was at 4.25%. Just roughly if the 6.5% can be refinanced at 4.25% on the entire 15.2 billion that is a rate fall of 2.25% A potential interest savings of 375 million per year. Now obviously the duration of that debt has to be factored in but it very positive for Telstra to get this debt away at this price

Remember Telstra reduced debt 415 million in the last half. Free cash flow baby! as they say in the classics.