Westpac Banking Corporation’s A$750 million Additional Tier 1 Notes offering


Herbert Smith Freehills has advised the joint lead managers of Westpac Banking Corporation’s offer of new Additional Tier 1 capital securities known as Westpac Capital Notes 5 (Notes), which will seek to raise up to A$750 million, with the ability to raise more or less (Offer).

Westpac also announced a reinvestment offer under which eligible holders of Westpac CPS may apply to sell some or all of their Westpac CPS and reinvest the proceeds in the Notes (Reinvestment Offer).

The Notes are fully paid, non-cumulative, mandatorily convertible, subordinated perpetual securities, offered at an issue price of A$100 per Note and are expected to be quoted on the ASX.

Herbert Smith Freehills acted for the joint lead managers, comprised of Westpac Institutional Bank, ANZ Securities Limited, Commonwealth Bank of Australia, J.P. Morgan Australia Limited, Morgans Financial Limited, National Australia Bank Limited and UBS AG, Australia Branch. Herbert Smith Freehills also acted for UBS AG, Australia Branch in its capacity as the nominated party under the Reinvestment Offer.

The Herbert Smith Freehills team was led by global co-head of equity capital markets Philippa Stone (picture) and supported by senior associate Charlotte Cameron and solicitor Michael Burrell.

Involved fees earner: Philippa Stone – Herbert Smith Freehills; Charlotte Cameron – Herbert Smith Freehills; Michael Burrell – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: JP Morgan; Westpac Banking Corporation; Commonwealth Bank of Australia; National Australia Bank; ANZ Securities Limited; UBS AG;