By Cristal Cody
Tupelo, Miss., Sept. 12 – WEA Finance LLC priced a $1 billion two-tranche offering of senior notes (A2/A) on Wednesday, according to a market source.
The company sold $500 million of 4.125% 10-year notes at a spread of 120 basis points over Treasuries. The notes were talked to price in the Treasuries plus 120 bps area, plus or minus 5 bps.
A $500 million tranche of 4.625% 30-year notes priced with a Treasuries plus 155 bps spread, compared to price guidance in the Treasuries plus 155 bps area, plus or minus 5 bps.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc. were the lead managers.
WEA Finance is a Los Angeles-based borrower for Westfield America, Inc., the investment arm of real estate investment trust Westfield America Management Ltd.
| Issuer: | WEA Finance LLC
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc.
|
| Trade date: | Sept. 12
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 20, 2028
|
| Description: | Fixed-rate notes
|
| Coupon: | 4.125%
|
| Spread: | Treasuries plus 120 bps
|
| Price guidance: | Treasuries plus 120 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 130 bps to 135 bps area
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 20, 2028
|
| Description: | Fixed-rate notes
|
| Coupon: | 4.625%
|
| Spread: | Treasuries plus 155 bps
|
| Price guidance: | Treasuries plus 155 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 165 bps area
|
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