By Mary-Katherine Stinson
Lexington, Ky., Nov. 10 – Westpac Banking Corp. sold $2.5 billion of senior notes due 2024 and 2027 (Aa3/AA-), according to an FWP filed with the Securities and Exchange Commission.
The first tranche for $1.25 billion of 5.35% notes due Oct. 18, 2024 priced at 99.945 to yield 5.383%, or at a spread of 82 basis points over Treasuries.
The second tranche, $1.25 billion 5.475% notes due Nov. 18, 2027, priced at par to yield 5.457%, or at a spread of 122 bps over Treasuries.
Both tranches are non-callable.
BofA Securities, Inc., Citigroup Global Markets Inc., JPMorgan Securities LLC and Westpac Banking Corp. are the joint active bookrunners.
The Sydney, Australia-based bank plans to use the proceeds for general corporate purposes.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $2.5 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., JPMorgan Securities LLC and Westpac Banking Corp.
|
| Co-managers: | BMO Capital Markets Corp., CIBC World Markets Corp. and Scotia Capital (USA) Inc.
|
| Counsel to the issuer: | King & Wood Mallesons and Debevoise & Plimpton LLP
|
| Counsel to the bookrunners: | Sidley Austin LLP
|
| Trustee: | Bank of New York Mellon
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody’s Aa3
|
| S&P AA-
|
| Distribution: | SEC registered
|
|
|
| 2024 Notes
|
| Amount: | $1.25 billion
|
| Maturity: | Oct. 18, 2024
|
| Coupon: | 5.35%
|
| Price: | 99.945
|
| Yield: | 5.383%
|
| Spread: | Treasuries plus 82 bps
|
| Cusip: | 961214FH1
|
|
|
| 2027 Notes
|
| Amount: | $1.25 billion
|
| Maturity: | Nov. 18, 2027
|
| Coupon: | 5.457%
|
| Price: | Par
|
| Yield: | 5.457%
|
| Spread: | Treasuries plus 122 bps
|
| Cusip: | 961214FK4
|
|
|
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