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Westpac Capital Notes 2

On 23 June 2014, Westpac Banking Corporation ("Westpac") issued 13,105,705 Westpac Capital Notes 2 ("WCN 2") at an Issue Price of $100 each, raising approximately $1.31 billion of Additional Tier 1 Capital.

 

WCN 2 traded on ASX under the ASX code WBCPE. 

Redemption of Westpac Capital Notes 2 completed

On 23 September 2022, Westpac completed the redemption of the 6,214,825 WCN 2 that remained on issue. The related ASX announcement can be found here:

 

Redemption of outstanding Westpac Capital Notes 2 (PDF 40KB)

 

All outstanding WCN 2 were redeemed in accordance with the Redemption Notice issued by Westpac to WCN 2 Holders on 21 June 2022. The Redemption Notice and letter to holders of WCN 2 were released on ASX and copies can be found here:

 

Letter and Redemption Notice for Westpac Capital Notes 2 (PDF 126KB)

 

Holders have been paid $100 for each WCN 2 held on 23 September 2022. In addition, holders have been paid the Final Pro-Rata WCN 2 distribution of $0.5972, fully franked, for each WCN 2 held on the record date of 15 September 2022. The Final Pro-Rata WCN 2 Distribution covers the period from 21 July 2022 to 23 September 2022 (inclusive).

Westpac Capital Notes 9 Reinvestment Offer and Amendments to Westpac Capital Notes 2 Terms

On 20 July 2022, Westpac successfully completed the offer of Westpac Capital Notes 9 (Offer). Approximately 15.1 million Westpac Capital Notes 9 were issued at $100 each, raising $1.51 billion.  


The Offer included a Reinvestment Offer to clients of the Syndicate Brokers, and Institutional Investors, who were Eligible Westpac Capital Notes 2 Holders1 wishing to reinvest all or some of their Westpac Capital Notes 2 (WCN 2) in Westpac Capital Notes 9.

 

Further details can be found in the Westpac Capital Notes 9 Prospectus available on the Westpac Capital Notes 9 main webpage.

 

Westpac lodged the following documents on the ASX:

 

1. Amendments to the Westpac Capital Notes 2 Terms, primarily to facilitate the Reinvestment Offer;

2. A Redemption Notice regarding the redemption of Non-Participating WCN 2 on 23 September 2022; 

3. A letter to Westpac Capital Notes 2 holders, including a description of the Reinvestment Offer and attaching a Transfer Notice regarding any Participating WCN 2, and Redemption Notice; and

4. Nominated Party Deed Poll, containing the undertaking by the Nominated Party to acquire each Participating Westpac Capital Note 2 for $100.

 

These announcements are available below:

Amended Westpac Capital Notes 2 Terms (PDF 204KB), lodged 21 June 2022
Westpac Capital Notes 2 Redemption Notice (PDF 35KB), lodged 21 June 2022
Letter to Westpac Capital Notes 2 holders (PDF 126KB), lodged 21 June 2022
Nominated Party Deed Poll (PDF 500KB), lodged 21 June 2022

Footnotes:

1. An Eligible Westpac Capital Notes 2 Holder was an investor who (i) was a registered holder of Westpac Capital Notes 2 shown on the Register at 7.00pm (Sydney time) on 10 June 2022 as having an address in Australia; and (ii) was a company or an individual (including as a trustee of a family, hybrid or unit trust) aged 18 years or older; and (iii) had an Australian residential address; and (iv) was either within the Target Market and had received personal advice from a financial adviser to acquire Notes, or a Wholesale Client.

Distribution payment history

Distribution payment date Distribution rate per annum Cash amount of Distribution per Westpac Capital Note 2 Number of days in the Distribution Period
23 September 2022 3.3537% $0.5972 65
20 July 2022 3.3537% $0.2481 27
23 June 2022 2.2715% $0.5725 92
23 March 2022 2.1770% $0.5368 90
23 December 2021 2.1462% $0.5351 91
23 September 2021 2.1543% $0.5430 92
23 June 2021 2.1560% $0.5434 92
23 March 2021 2.1420% $0.5282 90
23 December 2020 2.1910% $0.5462 91
23 September 2020 2.2075% $0.5564 92
23 June 2020 2.4606% $0.6202 92
23 March 2020 2.7814% $0.6934 91
23 December 2019  2.7784% $0.6927 91 
23 September 2019 2.9645%  $0.7472  92 
24 June 2019  3.4020%  $0.8575  92 
25 March 2019   3.5910%  $0.8855  90 
24 December 2018  3.4895%  $0.8700  91 
24 September 2018  3.6120%  $0.9104  92 
25 June 2018  3.5350%  $0.8910  92 
23 March 2018  3.3915% $0.8363
90
27 December 2017 3.3320%  $0.8307  91 
25 September 2017 3.3390% $0.8416 92
23 June 2017 3.3915% $0.8548 92
23 March 2017 3.3985% $0.8380 90
23 December 2016 3.3530% $0.8360 91
23 September 2016 3.5350% $0.8910 92
23 June 2016 3.7415% $0.9431 92
23 March 2016 3.7940% $0.9459 91
23 December 2015 3.6668% $0.9142 91
23 September 2015 3.6447% $0.9187 92
23 June 2015 3.7135% $0.9360 92
23 March 2015 4.0775% $1.0054 90
23 December 2014 4.0168% $1.0014 91
23 September 2014 4.0285% $1.0154 92

 

Prospectus and Notes Deed Poll

Westpac Capital Notes 2 Prospectus (PDF 1MB) (PDF 1MB)(lodged with ASIC on 15 May 2014). 

Westpac Capital Notes 2 Deed Poll (PDF 340KB) (PDF 340KB) relating to Westpac Capital Notes 2. You may also refer to the Prospectus for information regarding the Notes Deed Poll.  

ATO Class Ruling

On 4 June 2014, the Australian Taxation Office issued a Class Ruling, which confirms the Australian tax consequences for certain Holders of Westpac Capital Notes 2. You can view a copy of the  Class Ruling here (PDF 370KB)

2014 ASX announcements and investor presentation

Westpac's Guide to Bank Hybrids 

Westpac's Guide to Bank Hybrids, a web-based guide to help investors understand some of the typical features and risks associated with an investment in hybrid capital securities. The Guide to Bank Hybrids provides a brief overview of hybrid investments, including how to invest in an Australian bank and the typical features and risks of different types of bank hybrids. The Guide to Bank Hybrids may be helpful when you are considering an investment in a bank hybrid.

Copyright© 2022 Westpac Banking Corporation ABN 33 007 457 141. 

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