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