APRA approves redemption of Tier 2 Subordinated Notes

ASX
Release
27 January 2023
APRA APPROVES REDEMPTION OF WESTPAC TIER 2 SUBORDINATED
NOTES
Westpac Banking Corporation (Westpac) issued Series 2018-1 AUD250,000,000
Callable Floating Rate Subordinated Tier 2 Notes, due 16 February 2028, under
Westpac’s wholesale debt issuance program (ASX code: WBCHCF) (the Notes).
Under the conditions of the Notes, Westpac has the option to redeem all or some of the
Notes on 16 February 2023 (the First Optional Redemption Date), subject to the prior
written approval of the Australian Prudential Regulation Authority (APRA).
On 27 January 2023 APRA provided its written approval to redeem the Notes and we
are now formally exercising our option to redeem all Notes on their First Optional
Redemption Date. The call notice for the Notes is attached.
Redemption of the Notes does not imply or indicate that Westpac will exercise any
redemption rights of other outstanding callable capital instruments issued by Westpac in
the future. Any such redemption would also be subject to APRA’s prior written approval,
which may or may not be given.
The Australian taxation consequences of the redemption and final interest payments of
the Notes will depend on individual circumstances. Holders should seek their own
advice.
For further information:
Hayden Cooper Jacqueline Boddy
Group Head of Media Relations Head of Debt Investor Relations
0402 393 619 0448 064 012
This document has been authorised for release by Tim Hartin, Company Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000

To: The Holders of all Instruments referred to below
CALL NOTICE
Westpac Banking Corporation AUD250,000,000 Callable Floating Rate
Subordinated Notes due 16 February 2028
issued under the Westpac Banking Corporation Debt Issuance Programme (the
"Programme")
Pursuant to Condition 8.3 of the Terms and Conditions of the Subordinated Notes
(the “Note Conditions”) as set out in the Information Memorandum for the
Programme dated 5 March 2014, Westpac Banking Corporation hereby gives notice
to redeem in whole the following Instruments:
DETAILS OF INSTRUMENTS
Series No: 2018-1
ISIN: AU3FN0040754
Early Redemption Amount (Call): AUD250,000,000
Early Redemption Date (Call): 16 February 2023
Series redeemed in whole and
accrued interest to be paid: 100 per cent per of the Outstanding
Principal Amount together with interest
payable for the Interest Period from and
including 16 November 2022 to but
excluding 16 February 2023 calculated
in accordance with Condition 7.3 of the
Note Conditions.
Westpac’s redemption of the Instruments does not imply or indicate that Westpac will
in the future exercise any right it may have to redeem any other outstanding
regulatory capital instruments issued by Westpac. Any such redemption would also
be subject to APRA’s prior written approval (which may or may not be given).

Date: 27 January 2023

Westpac Banking Corporation

__________________________
Guy Volpicella
Head of Structured Funding and Capital, Group Treasury