By Devika Patel
Knoxville, Tenn., May 9 – Westpac Banking Corp. offered further details about a $3 billion sale of notes (Aa3/AA-/AA-) that priced in four tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $750 million of two-year floating-rate notes at Libor plus 28 basis points. These notes priced at par.
Westpac placed $500 million of 3.05% two-year fixed-rate notes at a spread of Treasuries plus 55 bps. These notes priced at 99.983 to yield 3.059%.
The $750 million tranche of five-year floaters priced at Libor plus 72 bps. These notes priced at par.
The company also sold a $1 billion tranche of 3.65% five-year fixed-rate notes with a spread of 85 bps over Treasuries. These notes priced at 99.973 to yield 3.656%.
The two-year notes priced on the tight side of guidance, while the five-year tranches priced on top of talk.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp. were the bookrunners.
The Sydney, Australia-based bank plans to use the proceeds for general corporate purposes.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Call: | Non-callable
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp.
|
| Co-managers: | BMO Capital Markets Corp. and Scotia Capital (USA) Inc.
|
| Trade date: | May 8
|
| Settlement date: | May 15
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $750 million
|
| Maturity: | May 15, 2020
|
| Coupon: | Libor plus 28 bps
|
| Price: | Par
|
| Price talk: | Libor plus 30 bps area
|
|
|
| Two-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2020
|
| Coupon: | 3.05%
|
| Price: | 99.983
|
| Yield: | 3.059%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 57 bps area
|
|
|
| Five-year floaters
|
| Amount: | $750 million
|
| Maturity: | May 15, 2023
|
| Coupon: | Libor plus 72 bps
|
| Price: | Par
|
| Price talk: | Libor plus 72 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2023
|
| Coupon: | 3.65%
|
| Price: | 99.973
|
| Yield: | 3.656%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 85 bps area
|
|
|
|
|
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