Westpac Banking sets pricing in tender for any and all 3.25% notes

By Jennifer Chiou

New York, Jan. 11 - Westpac Banking Corp. announced pricing in its cash tender offer for any and all of its $3 billion of 3.25% guaranteed senior notes due Dec. 16, 2011.

For each $1,000 principal amount, the company will pay $1,027.21, which was determined using the yield to maturity of the 1.125% Treasury notes due Dec. 15, 2011 and a fixed spread of zero. The reference and tender offer yield was 0.311%.

Westpac also will pay accrued interest.

The offer will end at midnight ET on Jan. 11. It launched on Jan. 3.

J.P. Morgan Securities LLC (866 834-4666 or call collect 212 834-2494) is the dealer manager with Westpac Banking Corp. (61 2 8253 4574) as the co-dealer manager outside the United States. Global Bondholder Services Corp. is the information agent (866 952-2200).

The bank and financial services company is based in Sydney.

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