Westpac Capital Notes 6

Offer of Westpac Capital Notes 6 – Coming Soon

Westpac Online Investing is pleased to advise the upcoming opportunity to invest in the Offer of Westpac Capital Notes 6 (“Notes”). The Offer of Westpac Capital Notes 6 is expected to open on 20 November 2018.

About Westpac Capital Notes 6

Westpac Banking Corporation (“Westpac”) has lodged a Prospectus with the Australian Securities and Investments Commission (“ASIC”) for an offer of fully paid, non-cumulative converting, transferrable, redeemable, subordinated, perpetual, unsecured notes to raise A$750 million with the ability to raise more or less (“Offer”). The Prospectus is dated 12 November 2018 and was lodged with ASIC on that date.

The Notes are not deposit liabilities or protected accounts of Westpac for the purposes of the Banking Act or Financial Claims Scheme and are not subject to the depositor protection provisions of Australian banking legislation (including the Australian Government guarantee of certain bank deposits).

This investment is riskier than bank deposits and may not be suitable for some investors. Their complexity may make them difficult to understand and the risks associated with the Notes could result in the loss of all of your investment.

Key features of Westpac Capital Notes 6

Offer size

  • A$750 million with the ability to raise more or less.

Use of proceeds

  • Westpac is issuing the Notes to raise regulatory capital which satisfies the regulatory capital requirements of APRA. The proceeds received under the Offer will be used by Westpac for general business purposes.

Issue price

  • The Issue Price ($100 per Note, which will also be the Initial Face Value of the Note) must be paid to Westpac before the Notes are issued.

Term

  • The Notes do not have a fixed maturity date and Holders do not have a right to request or require Westpac to Convert, Redeem or arrange for the Transfer of the Notes. Accordingly, what will happen to the Notes is uncertain.

Distributions

  • The Notes offer Holders quarterly, floating rate, non-cumulative Distributions until the Notes are Converted at their full Face Value (or terminated following a failure to Convert) or Redeemed.
  • The Distribution Rate is determined quarterly as the 3 month BBSW Rate plus a fixed Margin. The Margin is expected to be in the range of 3.70% to 3.90% per annum and will be determined at the end of the Bookbuild.

ASX quotation

  • Westpac will apply for the Notes to be quoted on ASX and the Notes are expected to trade under ASX code WBCPI.

To find out more about the Offer, simply click on the banner below to enter our IPO Centre.

Westpac Capital Notes 6 - Find out more

Important Information

Securities trading through Westpac Online Investing is a service provided through Westpac Securities Limited (ABN 39 087 924 221 AFSL 233723) by Australian Investment Exchange Limited (ABN 71 076 515 930, AFSL 241400) (“the Participant”), a Participant of the ASX Group and Chi-X Australia. The Participant is not authorised to carry on business in any jurisdiction other than Australia. Accordingly, the information contained in this communication is directed to and available for Australian residents only.

Westpac Securities Limited is a wholly owned subsidiary of Westpac Banking Corporation (ABN 33 007 457 141 AFSL 233714) (“Westpac”). Westpac Institutional Bank, a division of Westpac has been appointed as Arranger and Joint Lead Manager in respect of the Offer.

Westpac Securities Limited through Westpac Institutional Bank has secured a Broker Firm Offer for Westpac Online Investing customers and may receive a fee from the issuer in respect of applications received from retail investors as detailed in the Australian Investment Exchange Limited / Westpac Securities Limited Financial Services Guide.

The information contained in this website has been prepared using the Prospectus issued by Westpac dated 12 November 2018. Neither Westpac Securities Limited nor the Participant makes any representation or warranty as to the accuracy or completeness of the information in the Prospectus. Capitalised terms have the same meaning as given to those terms in the Prospectus unless the context requires otherwise.

Nothing in this website should be construed as financial product advice or as a solicitation, an offer to buy or sell, or a recommendation to buy the Notes. The information above is general information only and does not take into account your own investment objectives, personal circumstances, financial situation or needs. Full details of the Offer by Westpac are contained in the Prospectus. Investors will need to read and consider the Prospectus in deciding whether to acquire any Notes and anyone who would like to apply for Notes must complete the Application Form that will be in, or will accompany the Prospectus.