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Westfield Group units get tenders for $286.94 million of notes so far
By Angela McDaniels
Tacoma, Wash., Oct. 4 - Westfield Group reported the early results of the tender offer being held by WT Finance (Aust) Pty Ltd., WEA Finance LLC and Westfield Capital Corp. Pty. Ltd. for up to $300 million principal amount of their notes.
As of 5 p.m. ET on Oct. 4, holders had tendered $133,654,000 principal amount, or 9.55%, of the $1.4 billion 5.125% guaranteed senior notes due 2014 issued by WT Finance, WEA Finance and Westfield Capital and $153,288,000 principal amount, or 21.9%, of the 7.5% guaranteed senior notes due 2014 issued by WT Finance and WEA Finance.
The acceptance priority level is 1 for the 5.125% notes and 2 for the 7.5% notes.
The tender offer began Sept. 24 and will end at midnight ET on Oct. 22. The early tender date was 5 p.m. ET on Oct. 4.
The companies will calculate the full tender offer consideration at 2 p.m. ET on Oct. 5 using a fixed spread over the bid-side yield of the 0.25% Treasury due Aug. 31, 2014. It will include a $20.00 early tender payment for notes tendered by the early tender date.
The full tender offer consideration for the 5.125% notes will be set using a spread of 95 basis points and is expected to be about $1,079.49 per $1,000 principal amount of notes.
For the 7.5% notes, the payment will be set using a spread of 90 bps and is expected to be about $1,100.75 per $1,000 principal amount of notes.
The companies will also pay accrued interest up to but excluding the settlement date.
The offer is not conditioned on a minimum amount of notes being tendered.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-2494) are the dealer managers. Global Bondholder Services Corp. (212 430-3774 or 866 873-6300) is the information agent and depositary.
Westfield Group is a retail property company based in Sydney, Australia.
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