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Westfield gets $20 bln financing for restructure proposal
March 26, 2014 / 2:15 AM / 4 years ago

Westfield gets $20 bln financing for restructure proposal

SYDNEY, March 26 (Reuters) - Australian shopping mall giant Westfield Group said on Wednesday it has entered into A$22 billion ($20.12 billion) of financing facilities required for its restructure plan.

Westfield said the A$22 billion of funding commitments include A$14 billion worth of 2-year bridge facilities and A$8 billion of 2-6 year bank facilities, with further details of the facilities to be released in late April.

The financing was meant to fund Westfield’s plan to separate its global retail assets from its Australia and New Zealand businesses, which will be merged with Westfield Retail Trust (WRT) to form a new company Scentre Group.

$1 = 1.0933 Australian Dollars Reporting by Maggie Lu Yueyang; Editing by Paul Tait

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