July 26 (Reuters) - Westpac Banking Corp (WBC) :
- Westpac launches nzd subordinated notes offer
- Announced that it is making an offer of up to NZ$250 million of unsecured, subordinated, fixed rate notes
- Says offer will open on 5 August 2016 and is expected to close on 26 August 2016
- Notes have a term of 10 years and are scheduled to be repaid on 1 September 2026
- Says offer is only open to investors resident in New Zealand
- Says the indicative margin range for the notes is 2.60% to 2.80% per annum
- Notes will qualify as tier 2 capital for Westpac under apra's Basel III capital adequacy framework
- Says notes are expected to be quoted on the nzx debt market
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