ANZ intends to offer a new Additional Tier 1 capital security next week, ANZ Capital Notes 5, to raise up to A$1 billion. The offer is expected to open on 24 August 2017.As part of its announcement yesterday, ANZ said it would also offer a buy-back facility under which eligible CPS3 holders may apply to sell some or all of their CPS3 and reinvest the proceeds in ANZ Capital Notes 5, or receive cash.The bank said it would use the proceeds to refinance the convertible preference shares it issued in September 2011 "and for general corporate purposes".ANZ said its Capital Notes 5 will constitute Additional Tier 1 capital under current Australian Prudential Regulation Authority standards.ANZ Securities, JP Morgan, Morgans, Morgan Stanley, UBS and Westpac Institutional Bank have been appointed as joint lead managers. Crestone Wealth Management and Ord Minnett have been appointed as co-managers on the transaction.The offer is, briefly, structured so that registered Australian resident holders of ANZ Ordinary Shares, CPS3 and ANZ Capital Notes 1, 2, 3 and 4 can apply for ANZ Capital Notes 5; and eligible CPS3 Holders can apply to sell their CPS3 under the buy-back facility and either reinvest in ANZ Capital Notes 5 or settle for cash.A broker firm reinvestment offer will also open on 24 August 2017, allowing clients of syndicate brokers who are eligible CPS3 holders to apply to sell their CPS3 under the buy-back facility and to reinvest in ANZ Capital Notes 5.If ANZ raises $1 billion from these two sources, the offer will close.If ANZ winds up short of its targeted capital raising, a "broker firm new money offer" will open on 15 September 2017, under which retail clients of syndicate brokers, and Institutional Investors that have been invited by ANZ Securities, can apply for ANZ Capital Notes 5.The closing date for the ANZ Securityholder Offer and for the Broker Firm Reinvestment Offer is scheduled for 5:00 pm AET on 13 September 2017. Should it proceed, the broker firm new money Offer is scheduled to close at 10:00 am AET on 27 September 2017.A key element of the ANZ Capital Notes 5 offer is the buy-back facility that will enable ANZ to refinance CPS3. Participation in the buy-back facility by eligible CPS3 Holders is optional, however.As at the date of its release yesterday, ANZ had not made any decision on how it will deal with the CPS3 which are not taken out of circulation under the buy-back facility.