By Aleesia Forni
Virginia Beach, Nov. 17 – Westpac Banking Corp. priced $2 billion of three-year notes (Aa2/AA-/) in fixed- and floating-rate tranches on Monday, according to a market source and an FWP filed with the Securities and Exchange Commission.
The sale included $650 million of floaters due 2017 priced at par to yield Libor plus 37 basis points.
A second tranche was $1.35 billion of 1.5% notes due 2017 priced at 99.994 to yield 1.502%, or Treasuries plus 55 bps.
Pricing was at the tight end of talk.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners.
Proceeds from the offering will be used for general corporate purposes.
The banking organization is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | Nov. 17
|
| Settlement date: | Dec. 1
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $650 million
|
| Maturity: | Dec. 1, 2017
|
| Coupon: | Libor plus 37 bps
|
| Price: | Par
|
| Yield: | Libor plus 37 bps
|
| Price talk: | Libor equivalent to three-year notes
|
|
|
| Three-year notes
|
| Amount: | $1.35 billion
|
| Maturity: | Dec. 1, 2017
|
| Coupon: | 1.5%
|
| Price: | 99.994
|
| Yield: | 1.502%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 55 bps to 60 bps, tightened from Treasuries plus mid-60 bps area
|
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