Westpac has today announced to the market the launch of its hybrid Capital Notes AT1 offer where it is seeking to raise around $750 million in additional tier-one capital.
The bank said its offer includes a reinvestment offer for eligible Westpac Capital Notes 6 holders.
Westpac said the margin will be determined via the Bookbuild, and is expected to be between 3.10% and 3.30% per annum.
The announcement of the margin and confirmation of Bookbuild Allocations to the syndicate brokers is expected on 27 November 2023.
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Westpac Capital Notes 10 are expected to trade on the ASX under the code WBCPM with a scheduled conversion date of 22 June 2034. Optional conversion dates are 22 September 2031, 22 December 2031, 22 March 2032, and 22 June 2032.
Westpac said it has appointed the following syndicate brokers to the Offer: Westpac Institutional Bank, ANZ Securities, Commonwealth Bank of Australia, Morgan Stanley Australia Securities Limited, Morgans Financial Limited, National Australia Bank Limited, Ord Minnett Limited, Shaw and Partners Limited and UBS AG, Australia Branch as Joint Lead Managers, and Bell Potter Securities Limited, JBWere Limited, LGT Crestone Wealth Management Limited and Wilsons Advisory and Stockbroking Limited as Co-Managers.
