Westpac Banking Corporation has lodged an offer under a Prospectus dated 4 November 2020 with the Australian Securities and Investments Commission (ASIC).

The offer is to raise $750 million (with the ability to raise more or less) at an application price of $100 per Security. Westpac Capital Notes 7 (Notes) are fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes issued by Westpac which trade on the ASX under the ASX code WBCPJ.

WCN7 pay fully franked, non-cumulative floating rate Distributions quarterly in arrear (subject to the Distribution Payment Conditions). Distributions are expected to be paid on 22 March, 22 June, 22 September and 22 December of each year (commencing on 22 March 2021), until WCN7 are Converted or Redeemed.

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The Distribution Rate is a floating rate and will generally be set on the first Business Day of each Distribution Period using the following formula; Distribution Rate = (3 month BBSW Rate + Margin) x (1 - Tax Rate)

The Distribution Rate will vary each quarter based on changes in the 3 month BBSW Rate.

More information can be found via the offer document or here https://www.westpac.com.au/about-westpac/investor-centre/other-westpac-securities/westpac-capital-notes-7/