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Westfield parent company announces €1.25 billion bond placement

Tom Shearsmith
18 May 2021

Unibail-Rodamco-Westfield (URW), owners of Westfield Stratford and Westfield London shopping centres, has confirmed it has successfully priced a €1.25 billion two-tranche senior bond offering.

The new bond placement aims to strengthens the company's liquidity position and extends the its' debt maturity.

It includes a €650 million bond with a 7-year and 5-month maturity and a 0.75% fixed coupon and a €600 million bond with a 12-year maturity and a 1.375% fixed coupon.

Unabail-Rodamco-Westfield confirmed that the net proceeds from the issuance will be used for general corporate purposes, including the refinancing of upcoming bond maturities.

Last month, URW reported a proportionate turnover for Q1 of £410.9 million, a 30.4% reduction compared to the same three month period in 2020, reflecting the impact of the prolonged COVID-19 restrictions.

TheIndustry.fashion previously visited East London's Westfield Stratford to see if if shoppers has returned during the week of non essential retail reopening:

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