Westfield Trust issue oversubscribed – additional $85 million raised
13 October 1998
Earlier this afternoon Westfield Trust announced a $165 millionplacement of units underwritten by Warburg Dillon ReadAustralia.
Institutional demand for the units was so strong that the Trusthas agreed to a request from the underwriter to increase theplacement by $85 million. This brings the total capital raising to$250 million representing 80.4 million units issued at $3.11 perunit.
As a result of this further equity raising, the Westfield Trustgearing ratio will now be approximately 17% of total assets of $4.4billion.
Westfield Managing Director Australia Mr Steven Lowy said he waspleased with the response from investors which puts the Trust in aneven stronger position to take advantage of futureopportunities.
(See earlier release below)
Westfield Trust to raise $165 million
Tuesday October 13, 1998
Westfield Trust today announced it would raise $165 millionthrough the placement by Warburg Dillon Read Australia of 53.06million units at $3.11 per unit.
Westfield Managing Director Australia, Mr Steven Lowy, said theequity raised would be used to partially fund the Trust’s ongoingdevelopment program and would also give the Trust a greater degreeof flexibility in seeking growth opportunities in the future.
As a result of the equity raising, Westfield Trust’s gearingratio will be approximately 19% of total assets of $4.4billion.