Scentre Group Announces Final Tender Results and Expiration of Tender Offer
December 04, 2023 at 07:41 pm EST
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RE1 Limited, in its capacity as responsible entity and trustee of Scentre Group Trust 2 (Offeror), a trust forming part of Scentre Group announced the final tender results and expiration of its previously announced tender offer (the "Tender Offer") for up to $300 million aggregate principal amount of its outstanding Subordinated Non-Call 10 Fixed Rate Reset Notes due 2080 and Subordinated Non Call 6 Fixed Rate Reset Notes due 2080 (together, the "Notes" and each, a "series" of Notes). The Tender Offer expired on December 4, 2023. On November 21, 2023, the Offeror exercised its early settlement option, accepting for purchase and paying for the aggregate principal amount of the Notes under "Principal Amount Purchased on the Early Settlement Date", all of which were tendered at or prior to on November 16, 2023 (Early Tender Time). Subordinated Non-
Call 10 Fixed Rate Reset Notes due 2080: Principal Amount Outstanding Prior to Tender Offer - $1,500,000,000, Principal
Amount Tendered as of the Early Tender Time - $187,944,000, Principal Amount Purchased on the Early Settlement Date - $187,944,000, Additional Principal Amount Tendered After the Early Tender Time - $600,000, Principal Amount Outstanding Following Completion of Tender Offer - $1,312,056,000. Subordinated Non-Call 6 Fixed Rate Reset Notes due 2080: Principal Amount Outstanding Prior to Tender Offer - $1,500,000,000, Principal Amount Tendered as of the Early Tender Time - $201,606,000, Principal Amount Purchased on the Early Settlement Date - $112,045,000, Additional Principal Amount Tendered After the Early Tender Time - $0, Principal Amount Outstanding Following Completion of Tender Offer - $1,387,955,000. Because the aggregate principal amount of Notes validly tendered as of the Early Tender Time exceeded the Aggregate Maximum Amount, no further Notes were accepted for purchase after the Early Tender Time. Any tendered Notes that are not accepted for purchase have been or will be promptly returned or credited to the holder's account. Deutsche Bank Securities Inc. and Merrill Lynch International served as dealer managers for the Tender Offer. Global Bondholder Services Corporation served as the tender and information agent for the Tender Offer.
Scentre Group is an Australia-based company, which owns and operates a portfolio of 42 Westfield destinations with 37 located in Australia and five in New Zealand encompassing approximately 12,000 outlets. The Companyâs Westfield destinations are located near 20 million Australians and New Zealanders, which is the majority of their population. Its retail service includes marketing services, gift cards, center services and a marketing hub. Its BrandSpace gives businesses access to over 1,800 full motion SuperScreens and SmartScreens and various retail pop-up and promotional touchpoints, located to optimize customer connections. The Company operates through two segments: property investment, and property management and construction segments. Property investments segment owns and operates shopping centers. Property management and construction segment includes external fee from third parties, primarily property management and development fees, and associated business expenses.