Westpac (ASX:WBC) to raise AU$750M via additional tier 1 notes, shares gain

2 min read | June 21, 2022 01:04 PM AEST | By Bhawna Gupta

Westpac (ASX:WBC) to raise AU$750M via additional tier 1 notes, shares gain — Image source: © Sunflowerey | Megapixl.com

More about tier 1 notes

The offer is for issuing AU$100 issue price notes to raise approximately AU$750 million, with the option to raise more or less money. For eligible Westpac Capital Notes 2 holders, the offer includes a reinvestment offer.

The offer is divided into two parts:

Data Source- Company announcement dated 21 June 2022

There is no explicit offer to Westpac security holders or a wide public offer, unlike past Westpac Capital Notes offers. Suppose you own Westpac Capital Notes 5, Westpac Capital Notes 6, Westpac Capital Notes 7, Westpac Capital Notes 8, or ordinary shares. In that case, you may be entitled to apply for Westpac Capital Notes 9 under the new money offer if you meet the qualifying criteria.

Westpac has appointed syndicate brokers like ANZ Securities Limited, Westpac Institutional Bank, Commonwealth Bank of Australia, Morgans Financial Limited, National Australia Bank Limited, Ord Minnett Limited, Shaw and Partners Limited and UBS AG, Australia Branch as joint lead managers, and Bell Potter Securities Limited, Crestone Wealth Management Limited, JBWere Limited, Morgan Stanley Wealth Management Australia Pty Limited and Wilsons Advisory and Stockbroking Limited as co-managers, to the offer.

Source: © Minyun9260 | Megapixl.com

Recent development

Last month, Westpac Banking Corporation and BT Funds Management had agreed to consolidate BT's personal and corporate superannuation funds with Mercer Super Trust through a successor fund transfer (SFT).

Westpac also announced that it had agreed to sell its Advance Asset Management business to Mercer Australia (Advance).

BT Super's personal and corporate superannuation plans are managed by Advance, a multi-manager investment organisation that offers a range of fund management services and products.

Also Read: Westpac (ASX:WBC) shares up on merging super assets, selling Advance

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