Westpac NZ Considers Offer of Subordinated Notes

Westpac New Zealand Limited (WNZL) is considering making an offer of up to NZ$100 million (with the ability to accept unlimited oversubscriptions at WNZL's discretion) of unsecured subordinated notes (Notes). The Notes are expected to constitute Tier 2 Capital for WNZL's regulatory capital requirements. The Notes are expected to have a 10 and a half year maturity date, but may be redeemed early in some circumstances. If certain conditions are met, WNZL may redeem the Notes after 5 and a half years or on any quarterly Interest Payment Date thereafter, or on any quarterly Interest Payment Date for tax or regulatory reasons. The Notes are expected to have a credit rating of A3 from Moody's Investors Service and A- from S&P Global Ratings. The offer is expected to open on 31 July 2023, subject to market conditions. WNZL has appointed Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) (Westpac) as Arranger, and Bank of New Zealand, Craigs Investment Partners Limited, Forsyth Barr Limited, Hobson Wealth Partners Limited, Jarden Securities Limited and Westpac as Joint Lead Managers in relation to the offer. There is no public pool, with all of the Notes being reserved for clients of the Joint Lead Managers, NZX Participants and other approved financial intermediaries. Investors can register their interest in the offer by contacting a Joint Lead Manager or their usual financial advice provider. Indications of interest will not be an obligation or commitment to buy the Notes. No money is currently being sought and applications for the Notes cannot currently be made. If WNZL offers the Notes, the offer will be made in accordance with the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The Notes are expected to be quoted on the NZX Debt Market. End CA:00415128 For:WNZ Type:OFFER Time:2023-07-24 10:02:41