Westfield secures restructure funds

Shopping centre group obtains $22bn of debt facilities for planned restructure.

Westfield Group (WDC) has obtained the debt financing it needs for its restructure, entering into $22 billion of funding commitments.

The shopping centre group said the funding commitments include $14 billion of two-year bridge facilities, with an option to extend by a further 12 months.

They also include $8 billion of two- to six-year bank facilities.

Westfield said it will provide more details about the facilities for its proposed Westfield Corporation and Scentre Group in a securityholder booklet in late April.

Westfield announced late last year that it will move to merge its Australian and New Zealand business with Westfield Retail Trust Ltd to form a new venture to be known as Scentre Group, which will become Australia's largest listed real estate investment trust.

The international business of Westfield Group would become Westfield Corporation under the proposal.

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