Westpac Banking to sell 11-year fixed-rate reset subordinated notes

By Marisa Wong

Los Angeles, Aug. 3 – Westpac Banking Corp. intends to offer dollar-denominated fixed-rate subordinated notes due August 2033, according to a 424B5 filing with the Securities and Exchange Commission.

The interest rate will reset in August 2032.

The notes are callable in whole on the reset date.

BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Westpac Banking Corp. are the bookrunners.

Bank of New York Mellon is the trustee.

King & Wood Mallesons will act as the issuer’s Australian counsel and Debevoise & Plimpton LLP as U.S. counsel. Sidley Austin LLP will be counsel for the underwriters.

The Sydney, Australia-based bank plans to use the proceeds for general corporate purposes.

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