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Published on 9/17/2020 in the Prospect News Investment Grade Daily.

New Issue: Scentre Group sells $3 billion subordinated hybrid notes in two parts

By James McCandless

San Antonio, Sept. 17 – Scentre Group sold a $3 billion offering of subordinated hybrid notes (BBB+) in two tranches due 2080 on Thursday, according to a press release.

The company priced $1.5 billion of 4.75% non-call six-year subordinated notes and $1.5 billion of 5.125% non-call 10-year subordinated notes.

The notes can be redeemed at par with cash from the call date.

Scentre plans to use the proceeds to reduce its debt, including borrowings under its revolving facilities.

The company does not plan to list the notes on any securities exchange.

Scentre is a Sydney, Australia-based retail company.

Issuer:Scentre Group
Description:Subordinated hybrid notes
Amount:$3 billion
Pricing date:Sept. 17
Settlement date:Early 2021
Rating:S&P: BBB+
4.75% notes
Amount:$1.5 billion
Maturity:September 2080
Coupon:4.75%
Call:At par with cash after six years
5.125% notes
Amount:$1.5 billion
Maturity:September 2080
Coupon:5.125%
Call:At par with cash after 10 years

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