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Announcement

New Issue: Westpac Capital Notes 4

 

On the 17th of May 2016 Westpac Banking Corporation (WBC) announced a new transaction, Westpac Capital Notes 4 (Prospective ASX Code: WBCPG).

The purpose of this transaction is to provide Regulatory Capital for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indicative size of the offer is $750 million but WBC retain the ability to change the issue size.

The notes will replace the Westpac Preferred Trust Securities (TPS) (ASX Code: WCTPA) which are set to expire on the 30th of June 2016. Eligible Westpac TPS Holders will be given the option to reinvest proceeds in Westpac Capital Notes 4 (see Prospectus for more information). The offer is expected to open on the 26th of May 2016.

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