Westfield Trust issues $500 million of medium term notes
14 July 2003
Westfield Trust has successfully issued five and seven year medium term notes (MTNs) into the domestic debt capital markets. Following strong demand, the issue was increased from the initial $350 million to $500 million.
The issue was structured as follows:
|Type:||Fixed Rate Bonds||Floating Rate Notes||Fixed Rate Bonds|
|Maturity Date:||July 2008||July 2008||July 2010|
|Spread (over the 90 day bank bill swap rate):||0.50%||0.50%||0.62%|
Following completion the Trust will have $1.59 billion of MTNs spread across six different maturities.
Westfield Trust carries a rating of “A” (stable) by Standard & Poor’s.
Westfield Director Funds Management Victor Hoog Antink said: “This issue presented the ideal opportunity to refinance the AMP Shopping Centre Trust acquisition debt with term funding and extend the maturity profile of the Trust’s debt portfolio”.
National Australia Bank Limited and Australia and New Zealand Banking Group Limited were lead managers of the issue with ABN AMRO Bank NV, Australian Branch and Commonwealth Bank of Australia participating as co-managers.