Westpac Banking prices tender offers for 3.18% notes and 2.9% notes

By Susanna Moon

Chicago, June 11 - Westpac Banking Corp. said it priced the cash tender offers for its $300 million 3.18% guaranteed senior notes due July 16, 2014 and $1.75 billion 2.9% guaranteed senior notes due Sept. 10, 2014.

The tender offers were set to end at 5 p.m. ET on June 11, with settlement set for June 13. The offers began May 30.

For each $1,000 principal amount, the purchase price will be $1,032.74 for the 3.18% notes and $1,033.53 for the 2.9% notes.

Pricing for the 3.18% notes and 2.9% notes was set at 11 a.m. ET on June 11 using the yield to maturity of the reference security, according to a company press release.

The reference security was the 0.625% U.S. Treasury note due July 15, 2014 for the 3.18% notes and the 0.25% U.S. Treasury note due Aug. 31, 2014 for the 2.9% notes. There is no fixed spread.

Also covered by the tender offers are the company's $1.2 billion guaranteed floating-rate senior notes due July 16, 2014 and $1.75 billion guaranteed floating-rate senior notes due Sept. 10, 2014.

The purchase price per $1,000 principal amount of floaters will be $1,007.48 for the notes due July 2014 and $1,005.93 for the notes due September 2014, as previously reported.

BofA Merrill Lynch (888 292-0070 or collect 980 683-3215) is the global dealer manager; Westpac Banking Corp. is the co-dealer manager outside the United States; and Global Bondholder Services Corp. (866 389-1500, attn: corporate actions) is the depositary and information agent.

The issuer is a Sydney, Australia-based financial services company.

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