By Aleesia Forni
Virginia Beach, Sept. 10 – WEA Finance LLC and Westfield UK & Europe Finance plc priced $3.5 billion of senior notes (A3/BBB+/) in tranches due 2017, 2019, 2024 and 2044 on Wednesday, a market source said.
A $750 million tranche of 1.75% three-year notes priced at 99.971 to yield 1.76%, or Treasuries plus 70 basis points.
There was also $1.25 billion of 2.7% five-year notes sold at 99.8 to yield 2.743%, or Treasuries plus 95 bps.
A third tranche was $1 billion of 3.75% 10-year notes priced with a spread of Treasuries plus 125 bps.
The notes sold at 99.628 to yield 3.764%.
The sale also included $500 million of 4.75% bonds due 2044 priced at 99.683 to yield 4.765%, or Treasuries plus 150 bps.
All tranches sold at the tight end of price talk.
The notes were priced under Rule 144A and Regulation S.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
The unit of retail property owner and operator Westfield Group is based in Sydney, Australia.
| Issuer: | WEA Finance LLC
|
| Issue: | Senior notes
|
| Amount: | $3.5 billion
|
| Joint bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 15, 2017
|
| Coupon: | 1.75%
|
| Price: | 99.971
|
| Yield: | 1.76%
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 75 bps area, tightened from Treasuries plus 85 bps area
|
| Make-whole call: | Treasuries plus 12.5 bps
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Sept. 17, 2019
|
| Coupon: | 2.7%
|
| Price: | 98.8
|
| Yield: | 2.743%
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 100 bps area, tightened from Treasuries plus 110 bps area
|
| Make-whole call: | Treasuries plus 15 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 17, 2024
|
| Coupon: | 3.75%
|
| Price: | 99.628
|
| Yield: | 3.764%
|
| Spread: | Treasuries plus 125 bps
|
| Price talk: | Treasuries plus 130 bps area, tightened from Treasuries plus 140 bps to 145 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Sept. 17, 2044
|
| Coupon: | 4.75%
|
| Price: | 99.683
|
| Yield: | 4.765%
|
| Spread: | Treasuries plus 150 bps area
|
| Price talk: | Treasuries plus 155 bps area, tightened from Treasuries plus 165 bps area
|
| Make-whole call: | Treasuries plus 25 bps
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
