King & Wood Mallesons has acted for Westpac Banking Corporation on its approximately $500 million offer of Westpac Subordinated Notes.
The Notes will be fully paid, registered, unsecured, subordinated debt obligations of Westpac.
The offer is joint lead managed by ANZ Securities Limited, Deutsche Bank AG, Sydney Branch, J.P. Morgan Australia Limited, UBS AG, Australia Branch and Westpac Institutional Bank.
The proceeds from the offer will used for general funding purposes.
The King & Wood Mallesons team was led by Banking & Finance partners Greg Hammond and Philip Harvey, M&A partner David Friedlander and Tax partner Richard Snowden. They were supported by senior associates Brian Dunleavy, Piny Ly and Ellen Thomas and solicitors Alissa Bott, Amanda Isouard, Zhiyan Cao and Sara Liu.
David Friedlander said “The Westpac Treasury team continues to diversify its funding sources. The team has written over $10 billion in covered bonds, a domestic converting preference share offer and numerous wholesale debt trades this financial year. Now it has launched this domestic subordinated note offer.”
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