By Cristal Cody
Tupelo, Miss., March 16 – Scentre Management Ltd. priced $500 million of 3.75% 10-year notes on Thursday at a spread of 130 basis points over Treasuries, according to a market source.
The notes due March 23, 2027 (A1/A/) priced on the tight side of talk.
BofA Merrill Lynch, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the active bookrunners.
Proceeds will be used to repay borrowings under parent Scentre Group’s revolving bank facilities.
Scentre Management is a Sydney, Australia-based investment manager and subsidiary of Scentre Group.
| Issuer: | Scentre Management Ltd.
|
| Amount: | $500 million
|
| Description: | Senior guaranteed notes
|
| Maturity: | March 23, 2027
|
| Bookrunners: | BofA Merrill Lynch, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 130 bps
|
| Trade date: | March 16
|
| Price guidance: | Treasuries plus 135 bps area, plus or minus 5 bps
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | Rule 144A, Regulation S
|
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