Westpac Group Pillar 3 Report March 2013 - Iguana IR Sites

PILLAR 3 REPORT
APPENDIX III - CAPITAL INSTRUMENTS
Trust Preferred Securities 2004 (TPS 2004)
Instrument
Trust Preferred Securities issued by Westpac Capital Trust IV.
The proceeds from the issue were ultimately invested in convertible debentures
issued by Westpac New Zealand branch.
Face Value
Listing
Regulatory Capital
Classification
USD 525 million
Not listed
Additional Tier 1 Capital
Issue Date 5 April 2004
Distributions
Distribution Rates
Preferred, non-cumulative fixed rate distributions, subject to certain distribution
payment conditions including Westpac having sufficient distributable profits.
5.256% p.a. up to but excluding 31 March 2016; and
US LIBOR + 1.7675% p.a. from and including 31 March 2016.
Distribution Payments Semi-annually in arrears (31 March & 30 September) up to and including 31
March 2016; and
Quarterly in arrears (31 March, 30 June, 30 September & 31 December) from and
including 30 June 2016.
Franked Distributions
No
Step-Up Date 31 March 2016
Distribution Rate after Step-
Up Date
US LIBOR + 1.7675% p.a. (including a one time step-up of 1%)
Holder Redemption Rights
Issuer Redemption Rights
Conversion into Preference
Shares
Conversion into Ordinary
Shares
Secured or Unsecured
Ranking in Winding-Up
Accounting Treatment
None
Westpac may redeem TPS 2004 on or after 31 March 2016 or earlier upon the
occurrence of certain specified circumstances with APRA’s prior written approval,
if required.
TPS 2004 will automatically be redeemed for American Depository Receipts
representing Westpac preference shares on 31 March 2053 or earlier in the event
that a distribution is not made or in certain other specified circumstances.
If not redeemed prior to 31 March 2054, holders of outstanding Westpac
preference shares have the right to convert the Westpac preference shares into a
variable number of Westpac ordinary shares (subject to a conversion discount)
on 31 March 2054.
Unsecured
Rank in priority to Westpac ordinary shares and equally with equal ranking capital
securities but behind all senior creditors and depositors.
Liability - Loan Capital
81