SYDNEY -(Dow Jones)- Australia's Westpac Banking Corp. (NYSE:WBK) (WBK) said Thursday it set the margin on its proposed issue of stapled preference shares - which will raise around A$950 million - at 2.4% per annum.

In a statement, the bank said it plans to issue around 9.5 million SPS at A$ 100 each, but has the ability to raise a higher, or lower, amount.

Distributions are expected to be paid quarterly based on the 90-day Bank Bill Rate plus the margin of 2.4% per annum, Westpac said.

The offer opens Thursday.

-By Lyndal McFarland, Dow Jones Newswires; 61-2-8235-2957; lyndal.mcfarland@ dowjones.com

    (END) Dow Jones Newswires   06-25-08 1854   Copyright (c) 2008 Dow Jones & Company, Inc.