Westpac Banking Corp (ASX:WBC) aims to raise $750 million capital through the launch of new hybrid securities referred to as the Westpac Capital Notes 5.
The notes will qualify as tier 1 capital for the bank, as required by the Australian banking regulator, Australian Prudential Regulation Authority (APRA).
Each note will have an issue price of $100 and is expected to pay quarterly distributions.
The margin on the distributions is yet to be determined but will be between 3.20% and 3.40% per annum over the 90-day bank bill rate.
Offer expected to open 13 February
The Offer is expected to open on 13 February 2018
The notes have no fixed maturity date, however, they may be converted, redeemed or transferred.