Westpac Banking Corporation’s A$1.5 Billion Notes Offering

Herbert Smith Freehills has advised the joint lead managers on the deal.

Westpac Banking Corporation’s (Westpac) successfully offered new Additional Tier 1 capital securities known as Westpac Capital Notes 9 (Notes), which has raised A$1.5 billion (upsized from A$750 million following strong demand).
Westpac is also undertaking a reinvestment offer under which eligible holders of Westpac Capital Notes 2 may apply to transfer some or all of their Westpac Capital Notes 2 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 eight joint lead managers, comprised of Westpac Institutional Bank, ANZ Securities Limited, Commonwealth Bank of Australia, Morgans Financial Limited, National Australia Bank Limited, Ord Minnett Limited, Shaw and Partners 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 partners Philippa Stone (Picture), Fiona Smedley and Philip Hart, and supported by special counsel Yorick Ng, and solicitors Adrian Palladino and David Tilley.

Involved fees earner: Philip Hart – Herbert Smith Freehills; Yorick Ng – Herbert Smith Freehills; Adrian Palladino – Herbert Smith Freehills; Fiona Smedley – Herbert Smith Freehills; Philippa Stone – Herbert Smith Freehills; David Tilley – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: ANZ Securities Limited; Commonwealth Bank of Australia; Morgans Financial Limited; National Australia Bank; Ord Minnett; Shaw and Partners; UBS AG Australia Branch; Westpac Banking Corporation;

Giulia Di Palma

Author: Giulia Di Palma