Gilbert + Tobin advise on Westpac $900 million tier 1 hybrid

Gilbert + Tobin has advised Westpac Banking Corporation (Westpac) on its $900 million offer of non-innovative tier 1 hybrids in conjunction with the redemption of existing St.George Bank…

Lawyers Weekly • 09 April 2009 • Big Law

Gilbert + Tobin has advised Westpac Banking Corporation (Westpac) on its $900 million offer of non-innovative tier 1 hybrids in conjunction with the redemption of existing St.George Bank hybrids.

You’re out of free articles for this month

Username or Email

Password Forgot password?

Keep me signed in on this device.

First Name

Last Name

Mobile

Organisation Type

By becoming a member, I agree to receive information and promotional messages from Lawyers Weekly. I can opt out of these communications at any time. For more information, please visit our Privacy Statement.

Need help signing up? Visit the Help Centre.

The offer was initially issued to raise $700 million, but was structured to allow the bank to raise a greater or lesser amount. According to the bank, the offer was increased to $900 million due to strong demand.

Partners Janine Ryan and John Williamson-Noble led the transaction and were assisted by corporate transactions lawyer Nic Wright.

VIEW ALL

"The Westpac Stapled Preferred Securities II (Westpac SPS II) are expected to pay fully franked, non-cumulative, floating rate quarterly distributions. They are stapled securities consisting of a perpetual, unsecured, non-cumulative subordinated note and a preference share", Ryan said.

"The offer was complex because it consisted of a reinvestment offer to St.George hybrid holders, an offer made to former holders of St.George SAINTS and an offer to Westpac security holders and institutions", Williamson-Noble said.

You need to be a member to post comments. Become a member for free today!

Lawyers Weekly - legal news for Australian lawyers

SECTIONS

MORE

Gilbert + Tobin advise on Westpac $900 million tier 1 hybrid

OUR PLATFORMS AND BRANDS

EVENTS AND SUMMITS

PODCASTS

LEARNING AND EDUCATION

MOMENTUM MARKETS NETWORK

LINKS

STAY CONNECTED