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Westfield Group units tender for $300 million of two note series
By Toni Weeks
San Diego, Sept. 24 - Westfield Group said that some of its units began a $300 million cash tender offer for their $1.4 billion outstanding principal amount of 5.125% guaranteed senior notes due 2014 and $700 million outstanding principal amount of 7.5% guaranteed senior notes due 2014.
The offer is being made by WT Finance (Aust) Pty Ltd. and WEA Finance LLC for the 7.5% notes and by the two companies along with Westfield Capital Corp. Pty Ltd. for the 5.125% notes. The 5.125% notes have a higher priority level than the 7.5% notes.
The companies will calculate at 2 p.m. ET on Oct. 5 the full tender offer consideration, which will set using a fixed spread over the bid-side yield of an applicable U.S. Treasury reference security and will include a $20.00 early tender payment for notes tendered by 5 p.m. ET on Oct. 4, the early tender date.
The full tender consideration for the 5.125% notes will be based on the 0.25% Treasury due Aug. 31, 2014 plus 95 basis points and will be about $1,079.49 for $1,000 principal amount of notes.
For the 7.5% notes, the payment will be 90 bps over the 0.25% Treasury due Aug. 31, 2014 and is expected to be about $1,100.75 per $1,000 principal amount.
The companies will also pay accrued interest up to but excluding the settlement date. Payment is expected promptly following the expiration date, which is midnight ET on Oct. 22.
Notes tendered after the withdrawal date, 5 p.m. ET on Oct. 4, may not be withdrawn.
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 for the offer.
Westfield Group is a retail property company based in Sydney, Australia.
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