Westpac Banking Corporation (Westpac) has announced the Offer of Westpac Capital Notes 3 (Notes). The Offer is scheduled to open on 6 August 2015 and includes a Securityholder Offer.
The Notes are fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes. They are expected to pay fully franked, floating rate, non-cumulative Distributions quarterly in arrear at a margin of 4 to 4.2% over the 90 day Bank Bill rate.
Joint lead managers are Westpac, ANZ, CBA, JP Morgan Australia, Morgans Financial Ltd, NAB, and UBS AG Australia Branch. Co-managers include Bell Potter, Deutsche Bank, Macquarie Equities, and Ord Minnett Ltd.
