Scentre raises $3b
The deal is thought to be one of the biggest non-bank bond raisings by an Australian company in Europe.
Shares in Scentre Group were five cents higher at $3.25 at 1135 AEST after the group released a statement saying it had priced a $3.045 billion equivalent of senior guaranteed notes under its euro medium term note program on July 8.
“The proceeds will be used to partially refinance Scentre Group’s $5 billion bridge facility,” Scentre said in a statement.
Westfield Group was recently split in two in a $70 billion restructure, with the new Westfield Corporation taking on the company’s international business and the Australian and New Zealand shopping centres transferred to a new company called Scentre.
Some of Scentre’s key assets include Westfield Bondi Junction and Westfield Sydney shopping centres.
Scentre, which has recently completed an investor roadshow in London, Paris, Frankfurt, Amsterdam and Edinburgh, is rated A1 by Moody’s and is the highest rated real estate investment trust globally.
“Substantial investor demand resulted in combined orders approaching five billion euros across currencies with Europe’s top tier real money investors actively participating in all tranches,” BNP Paribas, which helped organise the bond program, said in a statement.
BNP Paribas arranged the deal alongside 16 other banks, including Deutsche, Barclays and HSBC.
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