Westpac to sell dollar-denominated perpetual contingent convertibles

By Devika Patel

Knoxville, Tenn., Sept. 8 – Westpac Banking Corp., acting through its New Zealand branch, expects to price dollar-denominated fixed-rate resetting perpetual subordinated contingent convertible securities, according to a 424B5 filed with the Securities and Exchange Commission.

The notes are callable on the September 2027 first reset date or any reset date following that date. Each reset date occurs five years after the prior reset date.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and UBS Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes.

The bank is based in Sydney, Australia.

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