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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles