Australia's Westpac to offer A$1 billion five-year floating-rate convertibles

By Kenneth Lim

Boston, April 16 - Australia's Westpac Banking Corp. is offering A$1 billion of five-year convertible unsubordinated unsecured notes.

The convertibles will be issued at A$100,000 per note. The coupon will be based on a six-month bank bill swap reference rate.

Credit Suisse is the bookrunner of the Regulation S offering.

The notes will be convertible into a number of Westpac's Australia-listed common stock at a rate that will be determined based on the 20-day volume weighted average sale price of the stock just before conversion.

Westpac, a Sydney, Australia-based bank, said the proceeds of the deal will be used for general purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.