February 4, 2018 / 10:34 PM / 10 months ago

Westpac Bank to raise $593.3 mln through notes offering

Feb 5 (Reuters) - Australia’s Westpac Banking Corp intends raising about A$750 million ($593.33 million) through an offering of capital notes, it said on Monday.

Each note will have an issue price of A$100, and the distribution margin on the notes is expected to be between 3.20 percent and 3.40 percent per annum, the bank said in a statement.

The bank also said that the notes will be quoted on the Australian stock exchange, and they will qualify as Additional Tier 1 Capital under the Australian Prudential Regulation Authority’s capital adequacy framework ($1 = 1.2641 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Susan Thomas)

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