By Devika Patel
Knoxville, Tenn., Feb. 20 – Westpac Banking Corp. offered further details about a $1.75 billion sale of notes due Feb. 26, 2024 (Aa3/AA-/AA-) that priced in two tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $500 million of five-year floating-rate notes at Libor plus 77 basis points. These notes priced at par.
Westpac priced $1.25 billion of 3.3% five-year fixed-rate notes at a spread of Treasuries plus 85 bps. These notes priced at 99.963 to yield 3.308%.
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: | $1.75 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp.
|
| Co-managers: | BMO Capital Markets Corp., CIBC World Markets Corp., ICBC Standard Bank plc and Scotia Capital (USA) Inc.
|
| Trade date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | Feb. 26, 2024
|
| Coupon: | Libor plus 77 bps
|
| Price: | Par
|
| Yield: | Libor plus 77 bps
|
| Call feature: | None
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 26, 2024
|
| Coupon: | 3.3%
|
| Price: | 99.963
|
| Yield: | 3.308%
|
| Spread: | Treasuries plus 85 bps
|
| Call feature: | None
|
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