Westpac Capital Notes 4

On 30 June 2016, Westpac Banking Corporation (ABN 33 007 457 411) (“Westpac”) issued 17,020,534 Westpac Capital Notes 4 ("WCN4") at an Issue Price of $100 each, raising approximately $1.70 billion of Additional Tier 1 Capital.

Westpac Capital Notes 4 traded on ASX under the ASX code WBCPG.
 

Redemption Notice for Westpac Capital Notes 4 completed 

On 20 December 2021, Westpac completed the redemption of 5,496,799 WCN 4 that remained on issue (ASX code: WBCPG). The related ASX announcement can be found here:

Redemption of Outstanding Westpac Capital Notes 4 (PDF 39KB)

All outstanding WCN 4 were redeemed in accordance with the Redemption Notice issued by Westpac to WCN 4 Holders on 15 October 2021. The Redemption Notice and letter to holders of WCN 4 were released on ASX and copies can be found here:

Letter and Redemption Notice for Westpac Capital Notes 4 (PDF 121KB)

Holders have been paid $100 for each WCN 4 held on 20 December 2021. They have also been paid the final WCN 4 distribution (Distribution) of $0.7642, fully franked, for each WCN 4 held on the record date of 10 December 2021. The Distribution covers the period from 1 October 2021 to 20 December 2021 (inclusive).

 

Westpac Capital Notes 8 Reinvestment Offer and Amendments to WCN4 Terms

On 17 August 2021, Westpac announced the offer of a new ASX listed hybrid security, Westpac Capital Notes 8 (“Offer”), which trade on ASX under the code WBCPK. The Offer closed on 9 September 2021.

The Offer included a Reinvestment Offer to Eligible Westpac Capital Notes 4 Holders1 to apply to reinvest all or some of their Westpac Capital Notes 4 in Westpac Capital Notes 8 (and apply for additional Westpac Capital Notes 8).

Further details can be found in the Westpac Capital Notes 8 Prospectus available via the Westpac Capital Notes 8 main webpage.

Westpac released the following documents on ASX:

  1. Amendments to the Westpac Capital Notes 4 Terms, primarily to facilitate the Reinvestment Offer;
  2. A letter to Eligible Westpac Capital Notes 4 Holders including a description of the Reinvestment Offer;
  3. A Transfer Notice regarding any Westpac Capital Notes 4 reinvested under the Reinvestment Offer; and
  4. Nominated Party Deed Poll, containing the undertaking by the Nominated Party to acquire each Participating Westpac Capital Note 4 for $100.

These announcements are available below


Footnotes:

1. Eligible Westpac Capital Notes 4 Holders, being registered holders of Westpac Capital Notes 4 who were shown on the Register at 7.00pm (Sydney time) on 10 August 2021 as having an address in Australia.

 

Distribution payment history 

Distribution payment date Distribution rate per annum Cash amount of Distribution per Westpac Capital Notes 4 Number of days in the Distribution period
20 December 2021 3.4436% $0.7642 81
30 September 2021 3.4475% $0.1417 15
15 September 2021 3.4475% $0.7273 77
30 June 2021 3.4545% $0.8707 92
30 March 2021 3.4370% $0.8475 90
30 December 2020 3.4950% $0.8714 91
30 September 2020 3.5000% $0.8822 92
30 June 2020 3.6913% $0.9304 92
30 March 2020 4.0757% $1.0161 91
30 December 2019  4.0845% $1.0183 91 
30 September 2019  4.2770%  $1.0780  92 
1 July 2019  4.6666%  $1.1762  92 
1 April 2019  4.8930%  $1.2065  90 
31 December 2018  4.7880%  $1.1937  91 
1 October 2018 4.9000%  $1.2351  92 
2 July 2018  4.8545%  $1.2236  92 
3 April 2018  4.6830%  $1.1547  90 
2 January 2018 4.6270% $1.1536 91
2 October 2017 4.6270% $1.1663 92
30 June 2017 4.6865% $1.1813 92
30 March 2017
 4.6900%
 $1.1564
 90
30 December 2016
 4.6410%
 $1.1571
 91
30 September 2016 4.8020% $1.2104 92

 

 

 

Prospectus and Notes Deed Poll

Westpac Capital Notes 4 Prospectus (PDF 3MB) lodged with ASIC on 26 May 2016.

Westpac Capital Notes 4 Deed Poll 23 May 2016 (PDF 374KB) relating to Westpac Capital Notes 4. The Notes Deed Poll was executed by Westpac on 23 May 2016.

The executed Notes Deed Poll is available for download at the link above. Refer to the Prospectus for information regarding the Notes Deed Poll.

ATO Class Ruling

On 20 July 2016, the Australian Taxation Office issued a Class Ruling, which confirms the Australian tax consequences for certain holders of Westpac Capital Notes 4.
You can view a copy of the Class Ruling here

2016 Announcements and investor presentation

1. ASX Westpac Capital Notes 4 Offer Announcement, 17 May 2016 (PDF 501KB)
2. ASX Westpac Capital Notes 4 Offer Letter to Westpac TPS holders, 17 May 2016 (PDF 274KB)
3. ASX Westpac Capital Notes 4 Investor Presentation, 19 May 2016 (PDF 1019KB)
4. ASX Westpac Bookbuild and Margin announcement, 23 May 2016 (PDF 341KB)
5. ASX Westpac Capital Notes 4 Replacement Prospectus, 26 May 2016 (PDF 3MB)
6. ASX Westpac letters to Westpac TPS holders re the Westpac Capital Notes 4 offer, 30 May 2016 (PDF 483KB)
7. ASX Westpac Capital Notes 4 Issue Announcement, 30 June 2016 (PDF 366KB)

 

Westpac's Guide to Bank Hybrids
Westpac’s Guide to Bank Hybrids, is a web-based guide that may help investors understand some of the typical features and risks associated with an investment in bank hybrid 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.

Things you should know

More information

To enquire about your Westpac Capital Notes 4 holding or make changes to your details, please call  the Registrar on 1300 363 136 (Monday to Friday, 8.30am to 7.30pm, Sydney time) (local call within Australia). 

Terms and Conditions of Westpac Capital Notes 4 

Unless otherwise defined, capitalised terms used on this website have the same meaning as those in the Prospectus. A reference to “Prospectus” on this website is a reference to either the Original Prospectus and any supplementary or replacement Prospectus (including the electronic form of the Prospectus) in relation to the Offer (as the context requires).

Terms and Conditions document (PDF 139KB)

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