Newly formed shopping mall company Scentre Group is opening the book to raise up to $EU2 billion ($2.9 billion) on Tuesday London time, supported by favourable investment interest following a roadshow finished last week, reporting by Data Room has discovered.
It is the first deal for Scentre, which was created through the merger of Westfield Group’s Australian and New Zealand assets and operating platform with Westfield Retail Trust. The company is believed to be using part of the proceeds to repay a portion of the existing bridge facility.
The $EU2bn will be raised in senior bonds across four tranches ranging from four to 12 years. The book opened on Tuesday morning London time, with details of final terms to be confirmed by the end of the day.
The settlement date will be July 16.
Scentre has been rated A1 by rating agency Moody’s and A by Standard & Poor’s.
It is understood that Scentre has got positive feedback from the roadshow last week, as both Westfield and WRT have been well-known to European investors.
Investment banks BNP Paribas and Deutsche Bank arranged the roadshow, and also acted as active lead managers with HSBC and Barclays.
(Reporting by maggie.lu@businessspectator.com.au)