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Westpac to raise A$750M in capital notes offer

Westpac Banking Corp. is looking to raise about A$750 million from an offering of Additional Tier 1 capital notes.

Each note will have an issue price of A$100, with the margin expected to be between 3.20% and 3.40% per annum over the 90-day bank bill rate. The final margin will be determined via a bookbuild process.

The offer will open Feb. 13 and will close March 6.

Payments on the perpetual notes will be on a quarterly basis, with the first payment scheduled for June 22.

The notes are scheduled to convert into ordinary shares of the bank Sept. 22, 2027, subject to certain conditions. The bank may also decide to convert, transfer or redeem some or all of the notes into ordinary shares Sept. 22, 2025, or following a tax event or regulatory event. A capital trigger event, a nonviability and an acquisition may also result in the conversion of the notes into ordinary shares.

The notes will be listed on the Australian Securities Exchange.