This article is from the Australian Property Journal archive
VICINITY Centres has priced €500 million – around $812 million – of 10-year fixed rate medium term notes under its European medium term note program.
Settlement of the senior and unsecured notes is expected to occur on 7th November. The fixed-rate notes were priced at a coupon of 1.125%.
Notes have been fully hedged into Australian dollars and proceeds will be used to repay existing bank facilities and for “general corporate purposes”.
“We are very pleased with the strong response that we received for this inaugural Euro denominated MTN raising, which has resulted in highly competitive pricing for our notes. In addition to opening a new debt source of Euros, the notes will both extend the average duration, and reduce the average cost, of our financing facilities,” Grant Kelley, chief executive officer and managing director, said.
BNP Paribas, HSBC, Merrill Lynch and Westpac acted as joint lead managers for the issue.
