Westpac has announced its completed bookbuild for its Westpac Capital Notes 10 offer has raised $1.75 billion.
The margin was set at 3.10% per annum which was at the lower end of the marketing range of 310 basis points to 330 basis points it gave on announcing the offer.
Strong demand saw it receive offers for over $3.7 billion in notes, which enabled it to increase its raise from an initial $750 million. The notes qualify as Additional Tier 1 Capital under APRA’s capital adequacy framework.
Also read: Westpac Launches Capital Notes 10 Offer
Over $800 million was allocated to holders of Westpac’s existing Capital Notes 6 who chose to roll their securities over the new issue.
Westpac Capital Notes 10 are expected to trade on the ASX under the code WBCPM with a scheduled conversion date of 22 June 2034. Optional conversion dates are 22 September 2031, 22 December 2031, 22 March 2032, and 22 June 2032.
Distributions are non-cumulative and expected to be paid quarterly.
