The information on this page is only applicable to persons who are resident in New Zealand, who are not a resident of the United States or Australia, who are not US Persons (as defined in Regulation S under the United States Securities Act of 1933, as amended), who are not acting for the account or benefit of a US Person and who are not prohibited by the laws of any jurisdiction from accessing the Product Disclosure Statement or this website.
The offer of Westpac NZD Subordinated Notes (Offer) is now closed.
On 1 September 2016, Westpac Banking Corporation, acting through its Sydney head office (Westpac), issued NZ$400 million of unsecured, subordinated, fixed rate notes (Notes) at an issue price of NZ$1.00 per Note.
The Notes commenced trading on the NZX Debt Market on 2 September 2016 under the NZX ticker code WBC010.
Westpac Banking Corporation (acting through its New Zealand branch) was Arranger and a Joint Lead Manager for the Offer. BNZ, Deutsche Craigs, First NZ Capital, Forsyth Barr and Macquarie were the other Joint Lead Managers. JBWere and Macquarie Equities were Co-Managers for the Offer.
There are restrictions on offering, issuing or selling the Notes outside New Zealand, as set out in the for the Offer dated 26 July 2016. There is other useful information about this Offer on www.business.govt.nz/disclose.
The Notes are complex financial products that are not suitable for many investors. If you do not fully understand how the Notes work or the risks associated with them, then you should not invest in them. You should read the Product Disclosure Statement for the Notes in full. You can seek advice from a financial adviser to help you make an investment decision.
|Rate Set Date||4 August 2016|
|Opening Date||5 August 2016|
|Closing Date||26 August 2016|
|Issue and Allotment Date||1 September 2016|
|Initial quotation and trading of the Notes on the NZX Debt Market||2 September 2016|
|Interest Payment Dates||1 March, 1 June, 1 September and 1 December in each year|
|First Interest Payment Date||1 December 2016|
|First Optional Redemption Date||1 September 2021|
|Maturity Date||1 September 2026|
The Notes pay a fixed rate of interest subject to Westpac satisfying the solvency condition.
The Interest Rate for the period from 1 September 2016 to (but not including) 1 September 2021 is 4.6950% per annum. The cash amount of interest scheduled to be paid quarterly in arrears is NZ$0.0117375 per Note.
The interest rate will be reset on 1 September 2021 for a further five years.