Westpac NZ Launches Perpetual Preference Share Offer

Westpac New Zealand Limited (WNZL) has announced an offer of up to NZ$100 million (with the ability to accept unlimited oversubscriptions at WNZL’s discretion) of perpetual preference shares (PPS) to investors in New Zealand. The offer opens today, 2 September 2024, and is expected to close at 11.00am on 6 September 2024. The PPS will constitute Additional Tier 1 Capital for WNZL’s regulatory capital requirements. The PPS will not have a fixed term and will remain on issue indefinitely if not redeemed by WNZL. If certain conditions are met, WNZL may redeem the PPS after 5 years on the First Optional Redemption Date (13 September 2029) or on any quarterly Scheduled Distribution Payment Date after that, or at any time for tax or regulatory reasons. The PPS have a credit rating of BBB+ from S&P Global Ratings. The indicative Margin range for the PPS is 3.50% - 3.70% per annum. The actual Margin (which may be within, above or below the indicative Margin range) and Distribution Rate until the First Optional Redemption Date (13 September 2029) will be announced via NZX on 6 September 2024 following a bookbuild process. Distributions are expected to comprise a cash amount and imputation credits. Distributions on the PPS are scheduled to be paid quarterly but are discretionary and subject to conditions. If a distribution is not paid when scheduled, WNZL is under no obligation to pay that distribution at a later date. The PPS are expected to be issued on 13 September 2024. Details of the offer and the PPS are contained in the Limited Disclosure Document (LDD), which is available on the Disclose Register at https://disclose-register.companiesoffice.govt.nz/ (search offer number OFR13796). There is no public pool for the offer, with all of the PPS being reserved for clients of the Joint Lead Managers (listed below), 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. Copies of the LDD, WNZL's investor presentation and the indicative terms sheet are available from these same parties. This offer is being made pursuant to the Financial Markets Conduct Act 2013. Authorised by: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995 The contact person for this announcement is: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995