26 March 2014
The Manager
Company Announcements Office
ASX Limited
Level 4, Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
Westfield Group
Level 30
85 Castlereagh Street
Sydney NSW 2000
GPO Box 4004
Sydney NSW 2001
Australia
Telephone 02 9358 7000
Facsimile 02 9358 7241
Internet www.westfield.com
WESTFIELD GROUP (ASX:WDC) MEDIA RELEASE - WESTFIELD GROUP ENTERS INTO $22 BILLION OF FUNDING COMMITMENTS FOR RESTRUCTURE PROPOSALAttached is a media release from Westfield Group.
Yours faithfully
WESTFIELD GROUP Simon Tuxen Company SecretaryEncl.
Westfield Holdings Limited ABN 66 001 671 496
Westfield Management Limited ABN 41 001 670 579 AFS Licence 230329
as responsible entity for Westfield Trust ABN 55 191 750 378 ARSN 090 849 746
Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324
as responsible entity for Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449
26 March 2014
WESTFIELD GROUP ENTERS INTO $22 BILLION OF FUNDING COMMITMENTS FOR RESTRUCTURE PROPOSALThe Westfield Group (ASX:WDC) today announced it had entered into funding commitments in respect of $22 billion of financing facilities which are required for the proposal to establish Westfield Corporation and Scentre Group. As a result, the debt financing required for the Restructure Proposal, announced together with Westfield Retail Trust (ASX: WRT) on 4
December 2013, has been obtained.
Consistent with the original timetable, the Securityholder Booklet, including the Independent Expert's Report, is (subject to Court approval) expected to be dispatched in late April 2014, ahead of the meeting to consider the proposal on 29 May 2014.
Today's announcement follows the completion last week of the US$800 million acquisition of the remaining 50% of Westfield World Trade Center and the conditional agreement to divest three assets in the UK which would result in $1.1 billion of proceeds to WDC.
The $22 billion of funding commitments, which are subject to customary closing conditions, include $14 billion of 2 year bridge facilities (with an option to extend by a further 12 months) and $8 billion of 2-6 year bank facilities. Further details regarding the facilities for both the proposed Scentre Group and Westfield Corporation will be provided in the Securityholder Booklet.
ENDS The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 4,000 staff worldwide. The Westfield Group has interests in and operates one of the world's largest shopping centre portfolios with investment interests in 90 shopping centres across Australia, the United States, the United Kingdom and New Zealand, encompassing over
20,500 retail outlets and total assets under management of $70bn.
This release contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.
westfield.com
Westfield Holdings Limited ABN 66 001 671 496 Westfield Management Limited ABN 41 001 670 579 AFS Licence 230329 as responsible entity for Westfield Trust ABN 55 191 750 378 ARSN 090 849 746
Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity for
Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449
For further information please contact Anita Sulentic +612 9358 7426
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