Westpac Banking Corporation (Westpac) today announced its intention to raise $750 million through the offer of Westpac Capital Notes 9 (WBCPL) with the ability to raise more or less.

Shaw and Partners is pleased to be appointed as joint lead manager to the offer.

The offer comprises:
– a Reinvestment Offer (under which eligible WBC Capital Notes 2 (WBCPE) Holders may apply through a syndicate broker to reinvest some or all of their redemption proceeds into WBC CN9);
– a New Money Offer to eligible clients of the Syndicate Brokers, and Institutional Investors, wishing to make a new investment in Westpac Capital Notes 9.

Features of the Offer and Notes

Issue Price: $100 per note.

Distribution Rate:
- Floating rate to be determined quarterly as the sum of the 3 month BBSW Rate per annum plus the Margin per annum, together multiplied by (1 – Tax Rate)2
- The Margin will be determined via the Bookbuild, and is expected to be between 3.40% and 3.60% per annum.
- Distributions are non-cumulative and are expected to be paid quarterly in arrear, subject to the satisfaction of the Distribution Payment Conditions, which include that payment of Distributions are within the absolute discretion of Westpac

The Bookbuild will occur on 21 June 2022. Eligible investors must receive an Allocation from a Syndicate Broker under the Bookbuild to apply (though no Applications will be accepted 
until the Offer opens).

The Offer closes 5.00pm (Sydney time) on 14 July 2022, but may close earlier.