By Devika Patel
Knoxville, Tenn., June 22 – Westpac Banking Corp. offered further details about a $1.5 billion offering of dollar-denominated notes (Aa3/AA-/AA-) that priced in in two tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The bank priced $500 million of five-year floating-rate notes at Libor plus 71 basis points. These notes were priced at par to yield Libor plus 71 bps.
It also sold $1 billion of 2.5% five-year fixed-rate notes at a spread of Treasuries plus 77 bps. These notes were priced at 99.837 to yield 2.535%.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Both tranches are non-callable, according to a 424B5 filing with the Securities and Exchange Commission.
Proceeds will be used for general corporate purposes.
The bank is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $1.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Trade date: | June 21
|
| Settlement date: | June 28
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | June 28, 2022
|
| Coupon: | Libor plus 71 bps
|
| Price: | Par
|
| Yield: | Libor plus 71 bps
|
| Call feature: | Non-callable
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 28, 2022
|
| Coupon: | 2.5%
|
| Price: | 99.837
|
| Yield: | 2.535%
|
| Spread: | Treasuries plus 77 bps
|
| Call feature: | Non-callable
|
|
|
|
|
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