Westpac has announced the offer of Westpac Capital Notes 4 (WBCPG) to raise $750m with the ability to raise more or less. The Notes will qualify as Additional Tier 1 Capital, and form part of Westpac’s ongoing capital management strategy.

Each note will have an issue price of $100 and will pay an expected Margin of between 4.9-5.10% p.a above the 90 day Bank Bill rate. The notes will be non-cumulative, floating rate fully franked distributions paid quarterly in arrears.

Joint lead managers are Westpac Institutional Bank, ANZ Securities, Commonwealth Bank of Australia, Morgan Stanley Australia Securities Ltd, Morgans Financial, National Australia Bank, UBS AG Australia Branch. Co-Managers are Bell Potter Securities, JBWere Ltd, Macquarie Equities, Shaw and Partners.

For further information, please see www.westpac.com.au/westpaccapnotes4