Partners Janine Ryan and John Williamson-Noble led the transaction and were assisted by corporate transactions lawyer Nic Wright.

"The Westpac Stapled Preferred Securities II (Westpac SPS II) are expected to pay fully franked, non-cumulative, floating rate quarterly distributions. They are stapled securities consisting of a perpetual, unsecured, non-cumulative subordinated note and a preference share", Ryan said.

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"The offer was complex because it consisted of a reinvestment offer to St.George hybrid holders, an offer made to former holders of St.George SAINTS and an offer to Westpac security holders and institutions", Williamson-Noble said.