On 23 June 2014, Westpac Banking Corporation ("Westpac") issued 13,105,705 Westpac Capital Notes 2 ("WCN 2") at an Issue Price of $100 each, raising approximately $1.31 billion of Additional Tier 1 Capital.
WCN 2 traded on ASX under the ASX code WBCPE.
Redemption of Westpac Capital Notes 2 completed
On 23 September 2022, Westpac completed the redemption of the 6,214,825 WCN 2 that remained on issue. The related ASX announcement can be found here:
Redemption of outstanding Westpac Capital Notes 2 (PDF 40KB)
All outstanding WCN 2 were redeemed in accordance with the Redemption Notice issued by Westpac to WCN 2 Holders on 21 June 2022. The Redemption Notice and letter to holders of WCN 2 were released on ASX and copies can be found here:
Letter and Redemption Notice for Westpac Capital Notes 2 (PDF 126KB)
Holders have been paid $100 for each WCN 2 held on 23 September 2022. In addition, holders have been paid the Final Pro-Rata WCN 2 distribution of $0.5972, fully franked, for each WCN 2 held on the record date of 15 September 2022. The Final Pro-Rata WCN 2 Distribution covers the period from 21 July 2022 to 23 September 2022 (inclusive).
Westpac Capital Notes 9 Reinvestment Offer and Amendments to Westpac Capital Notes 2 Terms
On 20 July 2022, Westpac successfully completed the offer of Westpac Capital Notes 9 (Offer). Approximately 15.1 million Westpac Capital Notes 9 were issued at $100 each, raising $1.51 billion.
The Offer included a Reinvestment Offer to clients of the Syndicate Brokers, and Institutional Investors, who were Eligible Westpac Capital Notes 2 Holders1 wishing to reinvest all or some of their Westpac Capital Notes 2 (WCN 2) in Westpac Capital Notes 9.
Further details can be found in the Westpac Capital Notes 9 Prospectus available on the Westpac Capital Notes 9 main webpage.
Westpac lodged the following documents on the ASX:
1. Amendments to the Westpac Capital Notes 2 Terms, primarily to facilitate the Reinvestment Offer;
2. A Redemption Notice regarding the redemption of Non-Participating WCN 2 on 23 September 2022;
3. A letter to Westpac Capital Notes 2 holders, including a description of the Reinvestment Offer and attaching a Transfer Notice regarding any Participating WCN 2, and Redemption Notice; and
4. Nominated Party Deed Poll, containing the undertaking by the Nominated Party to acquire each Participating Westpac Capital Note 2 for $100.
These announcements are available below:
Amended Westpac Capital Notes 2 Terms (PDF 204KB), lodged 21 June 2022
Westpac Capital Notes 2 Redemption Notice (PDF 35KB), lodged 21 June 2022
Letter to Westpac Capital Notes 2 holders (PDF 126KB), lodged 21 June 2022
Nominated Party Deed Poll (PDF 500KB), lodged 21 June 2022
Footnotes:
1. An Eligible Westpac Capital Notes 2 Holder was an investor who (i) was a registered holder of Westpac Capital Notes 2 shown on the Register at 7.00pm (Sydney time) on 10 June 2022 as having an address in Australia; and (ii) was a company or an individual (including as a trustee of a family, hybrid or unit trust) aged 18 years or older; and (iii) had an Australian residential address; and (iv) was either within the Target Market and had received personal advice from a financial adviser to acquire Notes, or a Wholesale Client.
Distribution payment history
| Distribution payment date | Distribution rate per annum | Cash amount of Distribution per Westpac Capital Note 2 | Number of days in the Distribution Period |
|---|---|---|---|
| 23 September 2022 | 3.3537% | $0.5972 | 65 |
| 20 July 2022 | 3.3537% | $0.2481 | 27 |
| 23 June 2022 | 2.2715% | $0.5725 | 92 |
| 23 March 2022 | 2.1770% | $0.5368 | 90 |
| 23 December 2021 | 2.1462% | $0.5351 | 91 |
| 23 September 2021 | 2.1543% | $0.5430 | 92 |
| 23 June 2021 | 2.1560% | $0.5434 | 92 |
| 23 March 2021 | 2.1420% | $0.5282 | 90 |
| 23 December 2020 | 2.1910% | $0.5462 | 91 |
| 23 September 2020 | 2.2075% | $0.5564 | 92 |
| 23 June 2020 | 2.4606% | $0.6202 | 92 |
| 23 March 2020 | 2.7814% | $0.6934 | 91 |
| 23 December 2019 | 2.7784% | $0.6927 | 91 |
| 23 September 2019 | 2.9645% | $0.7472 | 92 |
| 24 June 2019 | 3.4020% | $0.8575 | 92 |
| 25 March 2019 | 3.5910% | $0.8855 | 90 |
| 24 December 2018 | 3.4895% | $0.8700 | 91 |
| 24 September 2018 | 3.6120% | $0.9104 | 92 |
| 25 June 2018 | 3.5350% | $0.8910 | 92 |
| 23 March 2018 | 3.3915% | $0.8363 |
90 |
| 27 December 2017 | 3.3320% | $0.8307 | 91 |
| 25 September 2017 | 3.3390% | $0.8416 | 92 |
| 23 June 2017 | 3.3915% | $0.8548 | 92 |
| 23 March 2017 | 3.3985% | $0.8380 | 90 |
| 23 December 2016 | 3.3530% | $0.8360 | 91 |
| 23 September 2016 | 3.5350% | $0.8910 | 92 |
| 23 June 2016 | 3.7415% | $0.9431 | 92 |
| 23 March 2016 | 3.7940% | $0.9459 | 91 |
| 23 December 2015 | 3.6668% | $0.9142 | 91 |
| 23 September 2015 | 3.6447% | $0.9187 | 92 |
| 23 June 2015 | 3.7135% | $0.9360 | 92 |
| 23 March 2015 | 4.0775% | $1.0054 | 90 |
| 23 December 2014 | 4.0168% | $1.0014 | 91 |
| 23 September 2014 | 4.0285% | $1.0154 | 92 |
Prospectus and Notes Deed Poll
Westpac Capital Notes 2 Prospectus (PDF 1MB) (PDF 1MB)(lodged with ASIC on 15 May 2014).
Westpac Capital Notes 2 Deed Poll (PDF 340KB) (PDF 340KB) relating to Westpac Capital Notes 2. You may also refer to the Prospectus for information regarding the Notes Deed Poll.
ATO Class Ruling
On 4 June 2014, the Australian Taxation Office issued a Class Ruling, which confirms the Australian tax consequences for certain Holders of Westpac Capital Notes 2. You can view a copy of the Class Ruling here (PDF 216KB)
2014 ASX announcements and investor presentation
- Announcement 23 June 2014: Westpac raises $1.31 billion from Westpac Capital Notes 2 (PDF 66KB) (PDF 66KB)
- ASX Announcement 15 May 2014: Westpac Capital Notes 2 Prospectus dated 15 May 2014 (PDF 1MB) (PDF 1MB)
- ASX Announcement: Westpac SPS II letters to Holders regarding Reinvestment (PDF 550KB) (PDF 550KB)
- ASX Announcement 14 May 2014: Westpac Capital Notes 2 Bookbuild Result and Margin Set (PDF 63KB) (PDF 63KB)
- ASX Announcement 7 May 2014: Westpac Capital Notes 2 Offer (PDF 83KB) (PDF 83KB)
- Westpac Capital Notes 2 Investor Presentation 7 May 2014 (PDF 1MB) (PDF 1MB)
- Postcard to be sent to Eligible Securityholders regarding Westpac Capital Notes 2 on 7 May 2014 (PDF 643KB) (PDF 643KB)
- ASX Announcement 7 May 2014: Westpac SPS II - Reinvestment Offer (PDF 43KB) (PDF 43KB)
- Westpac SPS II - Amendments to Terms 7 May 2014 (PDF 234KB) (PDF 234KB)
Westpac's Guide to Bank Hybrids
Westpac's Guide to Bank Hybrids, a web-based guide to help investors understand some of the typical features and risks associated with an investment in hybrid capital securities. The Guide to Bank Hybrids provides a brief overview of hybrid investments, including how to invest in an Australian bank and the typical features and risks of different types of bank hybrids. The Guide to Bank Hybrids may be helpful when you are considering an investment in a bank hybrid.
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