Westfield Trust completes %100 million medium term note issue
16 March 2000
Westfield Trust today successfully completed an additional $100million issue of medium term notes (MTNs) into the domestic debtcapital markets. This transaction takes total MTNs issued to dateto $550 million.
This $100 million issue has a maturity date of 15 October 2002matching the Trust’s existing 2002 maturity. The fixed rate issuewas priced at a margin of 91 basis points over the October 2002Commonwealth Government Bond and was converted by the Trust intofloating rate funding at 40 basis points over the equivalentquarterly swap rate.
Westfield Trust carries a rating of “A” (stable) from Standard& Poor’s.
Westfield Group Finance Director Stephen Johns said: “Thistransaction completes the long term financing for the proposedamalgamation of the St Lukes Group announced on 31 May and frees upexisting bank facilities for the Trust’s development program.”
The Commonwealth Bank of Australia was lead manager for thisissue with Australia and New Zealand Banking Group Limited,Macquarie Bank Limited, National Australia Bank Limited, and UBSWarburg Australia Limited participating as co-managers.