Westfield Group raises A$2.35 billion in Eurobond market

17 June 2005

Countries: Australia

The Westfield Group (ASX: WDC) overnight priced its inaugural debt issue in the Eurobond market comprising:

  • 600,000,000 7-year fixed rate guaranteed notes at a spread of
    60 basis points over mid-swaps with a coupon of 3.625%; and
  • 600,000,000 12-year fixed rate guaranteed notes at a spread of
    110 basis points over UK Gilts with a coupon of 5.50%.

The notes have been assigned long-term credit ratings of A2 by Moodys Investors Service, Inc. and A- by Standard & Poors Rating Services a division of the McGraw-Hill Companies, Inc.

The notes are expected to be listed on the London Stock Exchange and the Irish Stock Exchange on or about 28 June 2005.

Proceeds from the issue will be used for general corporate purposes including the repayment of existing unsecured borrowings of the Group.

Westfield Managing Director, Mr Peter Lowy, said: “We are pleased with the strong support from both UK and European investors in the Westfield Groups first debt issue in this market.

As a consequence of this transaction, the Group has further diversified its funding sources in line with its recent expansion in the United Kingdom and has also extended its overall debt maturity profile, he said.

This issue builds on the Groups access to international debt markets and provides a benchmark for future capital raisings in this market.

The lead managers on the transaction were ABN AMRO, Barclays Capital, BNP Paribas and Deutsche Bank with Credit Suisse First Boston, HSBC Bank plc, Morgan Stanley and The Royal Bank of Scotland acting as co-managers.


The Westfield Group is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide.

Westfield has investment interests in 127 shopping centres in four countries (US, Australia, New Zealand and UK), with a total value in excess of A$41 billion and is the largest retail property group in the world by equity market capitalisation.

The Westfield Group is the largest retail property group in the world by equity market capitalisation and the eighth largest entity listed on the Australian Stock Exchange.