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Westpac completes $2.5bn notes issuance
King & Wood Mallesons has advised Westpac on its issuance of US$2.5 billion of subordinated notes.
Tony Zhang
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Firm: King & Wood Mallesons (Westpac).
Deal: King & Wood Mallesons has advised Westpac Banking Corporation (“Westpac”) on its combined issuance of US$2.5 billion in subordinated notes due 2040.
Value: US$2.5 billion.
Area: Banking and finance.
Key players: The KWM team, which acted as Australian counsel on the transaction, was led by partner Jo Dodd with support from senior associate Sankalp Labroo and solicitor Natasha Rodricks.
Debevoise & Plimpton LLP and Sidley Austin LLP acted as US counsel to Westpac and the underwriters, respectively.
Deal significance: Westpac completed its issuance of US$1.5 billion 2.668 per cent subordinated notes due 2035 and US$1 billion 2.963 per cent subordinated notes which were due in 2040.
BofA Securities, Citigroup, Goldman Sachs & Co. LLC, JP Morgan, Westpac Banking Corporation, BMO Capital Markets, CIBC Capital Markets, ICBC Standard Bank and Scotiabank acted as the underwriters on the issuance.
The notes were offered pursuant to Westpac’s SEC shelf registration statement and are expected to constitute tier 2 capital of Westpac.
The issuance was met with high anticipation by investors and marked Westpac’s first return to the US dollar bond market since the 2020 US election result.
