Westpac Banking Corporation (ASX: WBC) has today launched an offer for Westpac Capital Notes 10 (expected ASX Code: WBCPM), to raise $750 million, with the ability to raise more or less.

Westpac Capital Notes 10 have an Initial Face Value of A$100 and will qualify as Tier 1 Capital of WBC. These securities are structured as perpetual, subordinated, unsecured and convertible notes.

Distributions are discretionary, non-cumulative, floating rate and expected to be fully franked, paid on a quarterly basis in arrears until converted or redeemed.

Shaw and Partners is delighted to be appointed as Joint Lead Manager to the Westpac Capital Notes 10 Offer.

The margin is expected to be between 3.10% and 3.30% pa and will be determined through the Bookbuild.

The Distribution Payment Dates are 22 March, 22 June, 22 September and 22 December. The first Distribution is scheduled to be paid on 22 March 2024. Westpac Capital Notes are Callable at WBC’s option on 22 September 2031, 22 December 2031, 22 March 2032 or 22 June 2032 (first approximately 7.75 years), or following a Tax or Regulatory Event. Westpac Capital Notes 10 will Mandatorily Convert into Ordinary Shares on 22 June 2034 (subject to certain conditions), unless they are converted, Redeemed or Resold earlier.

The offer is only available to Wholesale clients (Sophisticated or Professional) and clients that receive personal financial product advice from a financial adviser.

For more information, please contact your Shaw and Partners adviser.