By Andrea Heisinger
New York, Aug. 26 - WEA Finance LLC and WT Finance Australia Property Ltd. sold $2 billion of notes (A2/A-/) in two tranches Wednesday, an informed source said.
The $750 million of 5.75% six-year notes priced at 99.028 to yield 5.945%, or Treasuries plus 350 basis points.
A $1.25 billion tranche of 6.75% 10-year notes priced at 98.696 to yield 6.933%, or Treasuries plus 350 bps.
Both tranches came at the tight end of price talk that was in the 375 bps area, plus or minus 25 bps.
The tranches have make-whole calls at Treasuries plus 50 bps. They were sold via Rule 144A and Regulation S.
Books were run by Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS Securities LLC.
The issuers are units of retail property company Westfield Group, based in Sydney, Australia.
| Issuer: | WEA Finance LLC and WT Finance Australia Property Ltd.
|
| Issue: | Notes
|
| Total amount: | $2 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC
|
| Distribution: | Rule 144A/Regulation S
|
| Trade date: | Aug. 26
|
| Settlement date: | Sept. 2
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| Six-year notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 2, 2015
|
| Coupon: | 5.75%
|
| Price: | 99.028
|
| Yield: | 5.945%
|
| Spread: | Treasuries plus 350 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Price talk: | 375 bps area, plus or minus 25 bps
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Sept. 2, 2019
|
| Coupon: | 6.75%
|
| Price: | 98.696
|
| Yield: | 6.933%
|
| Spread: | Treasuries plus 350 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Price talk: | 375 bps area, plus or minus 25 bps
|
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