By Devika Patel
Knoxville, Tenn., Dec. 5 – Westpac Banking Corp. priced $1.75 billion of fixed- and floating-rate notes (Aa3/AA-) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
Westpac Banking sold $500 million of five-year floating-rate notes at par to yield Libor plus 57 basis points.
The company placed $1.25 billion of 2.75% five-year fixed-rate notes at 99.899 to yield 2.771%, or 63 bps over Treasuries.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Westpac Banking Corp. were the bookrunners.
Proceeds will be used for general corporate purposes.
The Australian bank and financial services provider is based in Sydney.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $1.75 billion
|
| Description: | Fixed- and floating-rate notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Westpac Banking Corp.
|
| Co-manager: | Scotia Capital (USA) Inc.
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Floaters
|
| Amount: | $500 million
|
| Maturity: | Jan. 11, 2023
|
| Coupon: | Libor plus 57 bps
|
| Price: | Par
|
| Yield: | Libor plus 57 bps
|
|
|
| Fixed-rate notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 11, 2023
|
| Coupon: | 2.75%
|
| Price: | 99.899
|
| Yield: | 2.771%
|
| Spread: | Treasuries plus 63 bps
|
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