Westpac buys back A$3.37 billion of three government-guaranteed notes

By Susanna Moon

Chicago, Nov. 26 - Westpac said it purchased and canceled A$3.37 billion of its A$4.92 billion of government guaranteed senior medium-term notes due in March 2014 and November 2014.

The buyback follows a conditional offer announced on Nov. 9 and reduces Westpac's refinancing requirements in the 2014 financial year by A$2.94 billion and by A$434 million in the 2015 financial year, according to a company press release.

This further strengthens Westpac's funding position, following the material improvement to its funding profile announced as part of its 2012 full-year financial results, the release noted.

Effective Nov. 22, Westpac purchased the following notes:

• A$1,453,200,000 series 2009G-2 floating-rate medium-term notes guaranteed by the Commonwealth of Australia with an outstanding balance of A$96.8 million;

• A$1,487,500,000 series 2009G-3 fixed-rate medium-term notes guaranteed by the Commonwealth of Australia with an outstanding balance of $577.5 million; and

• A$434 million series 2009G-6 fixed-rate medium-term notes guaranteed by the Commonwealth of Australia with an outstanding balance of A$666 million.

The banking and financial services company is based in Sydney, Australia.

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